Govt reduces import duties on egg by 20%, edible oil 5%

The government has reduced the import duty on eggs and edible oil imports.

"The import duty on eggs has been reduced to 13% from 30%. Besides, the duty on edible oil has been reduced by 5%," Chief Adviser's Deputy Press Secretary Abul Kalam Majumder said in a press briefing in the evening.

Besides, the government has decided to withdraw the value-added tax at the consumer levels -production and distribution- for edible oil, he added.

The deputy press secretary said the government had taken the decisions in a bid to bring the surging prices of essential commodities to an affordable level.

Earlier on the day, top oil refiners of the country sought a 5% waiver on the import duty on soybean and palm oil along with all value-added tax (VAT) imposed at the production and business stages to stabilise the edible oil price in the market.

The Bangladesh Vegetable Oil Refiners Association made the proposal during a meeting at the Ministry of Commerce, chaired by Trade Adviser Salehuddin Ahmed.

The last price adjustment for soybean and palm oil was made on 18 April 2024. Over the past few months, global prices for these oils have increased, with crude soybean oil rising by 14.8% and RBD palm oil by 18.68%, they said.

Meanwhile, egg prices have skyrocketed in recent days amid reports of hoarding and supply shortages.

In the capital's Karwan Bazar and Mohammadpur Krishi Market, eggs are being sold at Tk180-190 per dozen, up from Tk165-170.

The Department of Agricultural Marketing set the maximum retail price for eggs at Tk11.87 per piece on 16 September. But eggs are still being sold at Tk15 or higher.

The government recently also approved the import of 4.5 crore eggs to ease the supply crisis, they have yet to arrive in the country.