Wait for TCB trucks to end, permanent shops coming soon: State minister
He also slammed edible oil traders for hiking soybean oil prices by Tk10 a litre a day after the VAT exemption expired
State Minister for Commerce Ahasanul Islam Titu has said the government will set up permanent shops within two to three months to sell essential products at subsidised rates to the 1 crore cardholders of the Trading Corporation of Bangladesh (TCB), eliminating the need for them to wait for the usual sales trucks.
Speaking at a "Meet the Reporters" event organised by the Dhaka Reporters Unity (DRU) yesterday, he said, "Currently, 1 crore families receive rice, edible oil, sugar, and pulses monthly. There are plans to expand the range of TCB products.
"The prime minister has given instructions to increase the product range. Even if we cannot sell the new products at subsidised prices, we will sell them at fair prices."
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The state minister added that the list of TCB cardholders will also be updated.
Titu said the 1 crore families in question were listed during the pandemic period when many people left cities and went off to rural areas. The financial status of many has also changed now. So, this list will be updated within the current financial year.
The state minister criticised edible oil traders for raising prices of soybean and palm oil on 15 April, immediately following the expiration of a VAT exemption on the import of raw materials for edible oil.
"When VAT was exempted, traders were given 15 days to implement the reduction in prices. Now with the withdrawal of VAT exemption, there is no scope to increase the price instantly," he said.
The Tariff Commission will set new prices based on calculations involving raw material import prices and processing costs incurred by traders, he said.
Regarding the unilateral decision by edible oil traders to raise the price of bottled soybean oil by Tk10 per litre, the state minister said the letter on price hike was signed by Nurul Islam Mollah, executive officer of the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association. He instructed officials to summon Mollah to the ministry.
Earlier on 7 February, the National Board of Revenue allowed a 5% VAT exemption on the import of raw materials of edible oil at the request of the commerce ministry, which expired on 15 April.
The ministry reduced the price of bottled soybean oil by Tk10 to Tk163 per litre after VAT exemption.
After the validity of the exemption expired, the executive officer of the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association sent a letter to the commerce secretary on the same day requesting that the price of bottled soybeans be increased by Tk10 to Tk173.
The letter noted that the new prices will come into effect on 16 April.
DRU's President Syed Shukur Ali Shuvo and General Secretary Mohi Uddin were present at the event.
