DHAKA, March 7, 2022 (BSS) - Businessmen at a meeting today said that 
there is now no crisis of edible oil in the countrywide kitchen markets while 
there would be no crisis of such oil till the Holy Eid-ul-Fitr with the 
current stock of refined and non-refined oil.

   The businessmen gave such assurance at a meeting with the importers, 
millers, refiners, wholesalers and leaders of different market committees to 
discuss the market situation of edible oil held today at FBCCI Icon in the 
capital.

   They, however, urged the government to withdraw VAT on the import of 
edible oil for the next three months to bring stability in the edible oil 
market and also to introduce bonded system for edible oil.

   FBCCI President Md Jashim Uddin presided over the meeting.

   Importers and wholesalers who were present at the meeting said that edible 
oil has been imported in line with the demand of the domestic market while 
the current stock of edible oil would last with ease and comfort during the 
Holy month of Ramadan having no such crisis.

   But, they demanded of the government to withdraw VAT on edible oil as its 
price has also increased globally.

   Speaking on the occasion, the FBCCI President urged the government to 
withdraw VAT on the import of edible oil for the next three months to bring 
stability in the edible Oil market.

   Citing the example of India, Jashim said India has adjusted VAT and duty 
on edible oil three times and Bangladesh should also go for the adjustment to 
bring back normalcy in the cooking oil market.  

   "The government should introduce bond on import of edible oil to stop the 
manipulation of the prices of the widely consumed Soybean oil," Jashim 
suggested.

   The FBCCI President said that a handful of unholy businessmen have been 
selling the oil at higher prices than the price fixed by the government. To 
protect this ill practice, the FBCCI will form a market monitoring cell, he 
informed.

   Jashim also urged the market committee to actively monitor the market as 
well as opined that edible oil should not be sold in loose form.

   He said despite no deficit of edible oil in the market, the rise of 
soybean oil price is abnormal. 

   Cautioning the business community against any manipulation, the chief of 
the apex trade body said that all would have to sell edible oil as per the 
government fixed price. "Since you've (businessmen) said that there is no 
dearth of edible oil, so don't try to hoard oil and thus manipulating it's 
price illogically."

   Earlier in the meeting, Taslim Shahriar, Senior AGM from Meghna group 
informed that, in the last one year, the price of the edible oil increased by 
61 percent in the global market, whereas, it increased 21 percent in 
Bangladesh.

   City Group Director Biswajit Saha claimed that there is no supply shortage 
from millers. "The city group supplies two and a half thousand metric ton oil 
daily," he informed.

   To control the skyrocketing of the price of the edible oil, Kazi 
Salahuddin Ahammad, Senior General Manager of S. Alam Group demanded VAT 
withdrawal on the edible oil. 

   Echoing with the same demand, TK group director Shafiul Taslim said that 
the government earns Taka 25 to 27 as revenue from per liter Soyabean 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 for a stable supply of the edible oil.  

  Bangladesh Shop Owners Association President Md Halal Uddin suggested 
fixing the price in every 15 days.

   FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md 
Habib Ullah Dawn, Director Rezaul Karim 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.