The supply of soybeans and palm oil in the market for a long time; Sometimes bottled, sometimes open oil. Opportunity traders are selling soybean and palm oil at high prices. Representatives of the companies say the price of consumer oil will increase another point, so the supply is closed. If the price rises, the market will be normal within two to four days. The information was revealed by talking to traders in the wholesale market of the capital.
It is learned that the owners of the edible oil purification factory have proposed to increase the price of soybean oil by 5 per liter. Bangladesh Vegetable Oil Refiners and Forests Manufacturers Association informed the Bangladesh Trade and Tariff Commission on March 27, the last working day before the Eid holidays. The mill owners also decided to implement it from April 1. But this was not possible because the Eid holidays started.
After the Eid holidays, the owners of the soybean oil refiners met on Sunday, April 7, proposing to raise the price of soybean oil. The meeting ended without a long discussion. Owners of the edible oil purification factory again held a meeting with trade adviser Sheikh Bashir Uddin on Tuesday, April 7, excluding it. There was no decision to raise the price of soybean oil at that meeting. As a result, the owners of some disappointing purpos are not able to raise the price of soybean and palm oil according to the design. It is alleged that the market had already reduced the supply from Milgate to the market in hopes of raising prices.
According to the Ministry of Commerce, the two meetings held in the ministry took part in the commerce adviser Sheikh Bashiruddin, chairman of the Bangladesh Trade and Tariff Commission. Mainul Khan, Additional Secretary of the Ministry of Commerce and Additional Secretary of the Internal Trade (IIT) office, including Abdur Razzak, a senior representative of the National Board of Revenue (NBR), along with the owners of the edible oil purification factory. Despite the meeting, there was no decision on the proposal to raise prices.
It is reported that the price of oil has been proposed to increase the price of Rs. The reason for the exemption of customs exemption at the import level is mentioned. Earlier, the Bangladesh Trade and Tariff Commission had recommended extending the tariff-tax concession of the import-level till June 5 to keep the price tolerable. The letter was given to the chairman of the National Board of Revenue (NBR) by the company. Milara said that if the extension of the duty-tax convenience is extended, the price will not be increased.
Presenting the argument for raising prices, Taslim Shahriar, deputy general manager of the Meghna Group of Industries (MGI), said the exemption benefit was gone. Right now we are importing oil at a higher rate of duty and tax. So if the price of oil does not rise, the companies will be at a loss. Because the price of soybean oil in the world market is now upward.
Talking to traders in the markets, it is reported that the owners of the market have stopped supply in the market in the hope of raising the prices of edible oils, especially soybean oil. Complaints, traders said that domestic importers have been playing with soybean and palm oil. When the whole country is on Eid holidays, they created the sack of all kinds of edible oils, including soybeans. They finished all the prices of soybean oil per liter from April 1 to increase the price of Rs. To ease this process, a written proposal was made with the Bangladesh Trade and Tariff Commission on Thursday afternoon before the last working day began.
It is learned that the government has given the benefit of edible oil tariffs and taxes to keep prices tolerable in February before fasting in March this year. As such, the tax-tax exemption facility is over. The traders wanted to sell soybean oil by raising Tk 5 per liter from April 1, the next day, with the benefit of the government till March 7.
According to the information available from Bangladesh Bank, Import Export Regulator, Tariff Commission and port, 1 lakh 5 thousand 524 tonnes of soybeans and palm oil have been imported in the country till January 1 of the current fiscal year. Of these, crude soybean oil is 1 lakh 5 thousand 5 tonnes and palm -1 lakh 5 thousand 5 tonnes. Of these, the imported soybean oil was imported from Chittagong port for three months from November to January, which is 2 lakh 12 thousand tonnes, which is 5 percent higher than the same period of the previous year. In addition, soybean seeds were imported over 1 lakh tonnes last January. Not so many soybean seeds have not been imported in the last one year.
Concerned that at that time, another 1 lakh 20 thousand 5 tonnes of oil was in the pipeline. Which came in the fast. In such a situation there is no soybean crisis. However, on December 5, the government has released the hundred percent of the tariff, regulatory duty and advance income tax on the import of soybeans, palm oil on December 5 to keep the prices of edible oil tolerable. Besides, VAT has been reduced from 5 to 5 percent. All the soybeans or palmtles imported at this facility until March 7 did not have the opportunity to end at midnight on March 7. However, if you need to import soybean or palm oil with duty duty and VAT from the previous rate from April 1, it will take at least 3 days to reach the country. After that, it will take at least three to four days to purify the imported soybean or palm oil. As a result, if the price is to be raised, the logical time for effect will be 5 days later, ie after May 5. However, on the occasion of the Eid holidays, edible oil importers and traders were addicted to selling Tk 5 per liter from April 1.
According to the tariff commission sources, according to the proposed price, the bottled soybean oil is Tk 5, which was Tk 5, which was earlier. And it has been proposed to increase the litter of open soybeans and palm oil by 5 rupees, which was earlier Tk. The proposal says that the new price will be effective from April 1.
Asked about the retailer of Konapara Bazar in the capital. Biplob Hossain said the companies have been involved with the supply of soybean oil throughout the month of Ramadan. Still doing The people of the company have come to say that the price will increase by 5 rupees if the price does not increase by 5 liters, but the liter will increase by 5 rupees. Therefore, the supply of soybean oil in the market will be normal once the government decision is made.
Meanwhile, Lokman Hossain, a wholesale businessman of Kauran Bazar in the capital, said the companies were not giving DO properly. So there is a problem with the supply of soybeans in the market. Due to the lower supply compared to the demand, a kind of instability has been working in the edible market for a long time. The Eid of the sacrifice is in front, so if the government does not increase the price of oil, the mill owners do not seem to allow the supply of soybeans and palm oil to be normal in the market.
Erotic Oleys Traders say the VAT exemption period was extended at this time. Then the price would have been the same as before. Customs tax concession benefits have gone up, which is increasing the cost of import. So there is no way to raise prices.
Asked about this, Mubarak Hossain, a wholesale businessman of Kauran Bazar in the capital, told the Bangla Tribune that the companies had created a crisis in supplying soybean oil before the fast. Which still exists. The supply is not normal even though there is no shortage of supply. I do not even know when it will be normal. The market is not overwhelming in the market.
Asked about this, City Group Director Amitabh Chakraborty said there was no complication in the supply of edible oil in the market. Our normal activities are underway.
National Board of Revenue NBR Chairman Abdur Rahman said no decision has been made on whether the customs and tax concession benefits will be provided again in the edible oil.
It should be noted that the demand for edible oil in the country is 25 to 2 million tonnes every year. Of these, two and a half million tonnes of oil is produced in the country. The remaining 20 to 2 million tonnes of edible oil is to be imported.
