The FBCCI urged the government to withdraw VAT on the import of edible oil for next three months to bring stability in the Edible Oil market.
The FBCCI President Md. Jashim Uddin made the call at the meeting with the importers, millers, refiners, wholesalers and leaders of different market committees to discuss the market situation of edible oil held at FBCCI Icon on Monday.
Citing the example of India, the FBCCI Chief 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.
Government should introduce bond on import of edible oil to stop the manipulation of the prices of the widely consumed Soybean oil, Md. Jashim Uddin suggested.
The FBCCI President said, a handful of dishonest businessmen have been selling the oil at higher prices than the price fixed by the government. To protect this practice, FBCCI will form a market monitoring cell, the president announced. Also, he urged the market committee to actively monitor the market.
The FBCCI President opined that edible oil should not be sold in loose form. 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, in Bangladesh the rate is 21 percent.
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 the same demand, TK group director Shafiul Taslim said, the government earns 25 to 27 taka 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 every 15 days. Among others, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Habib Ullah Dawn, Director Rezaul Kariem 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.
