No scope to sell oil at previous prices: State Minister

The VAT exemption on edible oil on the occasion of Ramadan expired on April 15. Now traders want to sell those at previous prices.  But, there is no opportunity to go back to the previous prices. 

State Minister for Commerce Ahasanul Islam Titu said this at a Meet The Reporters programme at the Dhaka Reporters Unity on Tuesday (April 16).

“There is no scope without new goods arrive in the country. With the withdrawal of VAT exemption, there is no opportunity to increase prices instantly,” he said.

“Only then prices will be determined according to the import cost and processing cost,” he added.

Dhaka Reporters Unity President Syed Shukur Ali, General Secretary Mohi Uddin and executive members were present at the programme.

Earlier on 7 February, the National Board of Revenue gave a 5% VAT exemption on the import of raw materials of edible oil at the request of the Ministry of Commerce. The ministry reduced the price of bottled soybean oil by Tk10 to Tk163 per litre after VAT exemption.