The government has reduced the price of unpackaged palm oil by Tk3 per litre, according to the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association.
In a press release issued on Tuesday, the association said the new price of per litre palm oil has been set Tk130.
The price was set at a meeting of cooking oil refiners and government officials at the Commerce Ministry.
This new price comes just a day after the government lowered the prices of per litre bottled soybean oil by Tk8 to Tk160. The price of unpackaged soybean oil has been lowered by Tk7 to Tk136 per litre.
Earlier, in the wake of rising oil prices in the international market, businesses had sought to increase cooking oil prices by the end of February.
But the Ministry of Commerce did not allow it, following which the market became unstable as refiners cut supply and wholesalers raised prices through syndication.
The government has already cut value added tax (VAT) on imports of cooking oil to 5% from 15% and withdrawn a 15% VAT on the production stage and 5% on the consumer level.
