The FBCCI has urged the government to withdraw VAT from the import of cooking oil for the next three months to bring stability to the cooking oil market.
FBCCI President Md Jashim Uddin made the call at the meeting with the importers, millers, refiners, wholesalers, and leaders of different market committees to discuss the market situation for cooking oil held at FBCCI Icon on Monday, said a press release.
Citing the example of India, the FBCCI chief said: "India has adjusted VAT and duty on cooking oil three times, and Bangladesh should also go for the adjustment to bring back normalcy in the cooking oil market."
The government should introduce bonds on the import of cooking oil to stop the manipulation of the prices of the widely consumed soybean oil, Md Jashim Uddin suggested.
The FBCCI president said: "A handful of dishonest businessmen have been selling oil at higher prices than the price fixed by the government. To protect this practice, FBCCI will form a market monitoring cell.”
He also urged the market committee to actively monitor the market.
The FBCCI president opined that cooking oil should not be sold in loose form.
Earlier in the meeting, Taslim Shahriar, senior AGM from Meghna Group, informed that in the last year, the price of cooking oil increased by 61% in the global market, whereas in Bangladesh, the rate is 21%.
City Group Director Biswajit Saha claimed that there was no supply shortage from millers.
He informed that the city group supplies two and a half thousand metric tons of oil daily.
To control the skyrocketing price of cooking oil, Kazi Salahuddin Ahammad, senior general manager of S Alam Group, demanded a VAT withdrawal on cooking oil.
Echoing the same demand, TK Group Director Shafiul Taslim said: "The government earns Tk25-27 as revenue from per litre of soybean oil."
The revenue relief will end the crisis till Ramadan, he added.
During the meeting, Wholesale Edible Oil Traders Association President Haji Md Golam Mawla urged a stable supply of cooking oil.
Bangladesh Shop Owners Association President Md Halal Uddin suggested fixing the price every 15 days.
Among others, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md Habib Ullah Dawn, Director Rezaul Kariem Rejnu, Harun Or Rashid, Abu Hossain Bhuiyan (Ranu), Secretary General Mohammad Mahfuzul Hoque, Moulavibazar Babosayee Samity President Md Bashir Uddin were also present at the discussion meeting.