Commerce ministry forms committee to update edible oil pricing system | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
Commerce ministry forms committee to update edible oil pricing system

Economy

TBS Report
06 January, 2022, 10:20 pm
Last modified: 06 January, 2022, 10:27 pm

Related News

  • Govt forms committee to investigate acts of violence, deaths in Gopalganj
  • Bangladesh Election: EC forms five committees to accelerate preparations 
  • Finance adviser not in 5-member advisory committee to review trade, revenue activities
  • BNP's media sub-committee formed to support mass uprising anniversary celebration
  • Govt forms 5-member advisory committee to recommend NBR reforms

Commerce ministry forms committee to update edible oil pricing system

 Officials concerned think that the price of edible oil in the local market might decrease a bit as a result of the initiative

TBS Report
06 January, 2022, 10:20 pm
Last modified: 06 January, 2022, 10:27 pm
Representational Image. Photo: Collected.
Representational Image. Photo: Collected.

The commerce ministry has formed a committee that will recalculate the loss during processing and the bottling cost at the factories before fixing the price of edible oil.

The commerce ministry officials think that the price of edible oil in the local market might decrease a bit as a result of the initiative.

The ministry formed the 11-member committee headed by Additional Secretary (Import and Internal Trade) AHM Safiquzzaman at a meeting on Thursday. It will start inspecting the refineries from next Tuesday to confirm the actual rate of loss during processing and the cost of bottling.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The committee includes representatives from the Ministry of Commerce, Bangladesh Bank, National Board of Revenue, Institute of Cost and Management Accountants of Bangladesh, Bangladesh Trade and Tariff Commission, Department of Marketing at Dhaka University, TK Group, City Group, Meghna Group and Bangladesh Edible Oil Limited.

For the last 10 years, the commerce ministry has been fixing the price of soybean and palm oil by taking into account 4.25% loss during processing crude edible oil and 10% additional cost for bottling it as per the mill owners' information.

On condition of anonymity, a member of the committee told The Business Standard, "Since the refineries were using cutting-edge technology, there was no logical reason for the loss to be so high. We are hopeful that this will be significantly lower."

He also said the commerce ministry officials think that it is unreasonable to make the price of bottles 10% of the oil price.

Refinery owners, however, said they are not using recycled plastic bottles so the price of bottles is very high.

At yesterday's meeting, the mill owners also said the import cost of edible oil was calculated according to the interbank exchange rate given by the Bangladesh Bank and the Sonali Bank, but in reality the value of dollars is more than that. Currently, the interbank exchange rate is Tk86 per dollar, but they have to spend Tk88.

In addition to that, the mills have proposed to consider the increased salaries of refinery workers in determining the price of edible oil.

Professor Dr Zakir Hossain said, "There are many factors related to the pricing process. They are updated over time. It is not possible to determine the accurate price unless these updated factors are taken into account."

Additional Secretary (Import and Internal Trade) AHM Safiquzzaman said, "We have noticed that there is a scope of updating the oil pricing system, because different factors related to it have changed a lot since it was developed years ago."

"The prices of gas and electricity have changed during this time. The exchange rate for dollars has also risen. If the old pricing system is updated, we can adjust the price in a more coordinated way," said the additional secretary. 

He said a uniform system based on the committee's recommendations will be developed for fixing the prices of edible oil and sugar. 

At present the price of bottled soybean is Tk160 per litre. Over the last few months, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has been proposing to the commerce ministry to increase the prices in the domestic market, citing rising prices in the international market. However, the Ministry of Commerce has not agreed to that.

Bangladesh / Top News

Commerce Ministry / committee / edible oil

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: CA Press Wing
    Stronger stance needed on maintaining law and order: Political parties to CA
  • Volunteers collect and gather parts of the wrecked plane from the Milestone School and College grounds on Tuesday, a day after the devastating aircraft crash. Photo: Mehedi Hasan/TBS
    Grief, angst and anger: The unbearable toll of Milestone crash
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • The jet plane charred after crash on 21 July at the Milestone school premises. Photo: Mehedi Hasan/TBS
    Milestone plane crash: Death toll rises to 31 as nine more succumb to injuries
  • Students and police clash at Milestone School and College on 22 July 2025. Photo: TBS
    Protesting Milestone students clash with police, besiege law and education advisers
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Aerial view of the Milestone school premises where the crash took place on 21 July. Photo: Olid Ebna Shah/ TBS
    ‘Why here?’: Concerns expressed over airbase inside city

Related News

  • Govt forms committee to investigate acts of violence, deaths in Gopalganj
  • Bangladesh Election: EC forms five committees to accelerate preparations 
  • Finance adviser not in 5-member advisory committee to review trade, revenue activities
  • BNP's media sub-committee formed to support mass uprising anniversary celebration
  • Govt forms 5-member advisory committee to recommend NBR reforms

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

9h | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

3h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

What information did the director of the NBPSI give about the admitted patients?

What information did the director of the NBPSI give about the admitted patients?

2h | TBS Today
What is discussed at the Chief Advisor's meeting?

What is discussed at the Chief Advisor's meeting?

2h | TBS Today
Two advisors and press secretary were blocked at Milestone for 8 hours

Two advisors and press secretary were blocked at Milestone for 8 hours

2h | TBS Today
Chief advisor's meeting with 4 parties; what was discussed?

Chief advisor's meeting with 4 parties; what was discussed?

2h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net