Chattogram Bureau :
The price of palm and soybean oil in the wholesale market of Khatunganj has been declining due to the effect of reduction of VAT by a total of 30 percent at the stage of production and import of edible oil. In the last one week, the price of palm oil has come down by Tk 800 per maund and soybean by Tk 500 per maund.
Although the wholesale price has come down, the retail market has not been affected yet.
As a result, consumers are not getting any direct benefit from the reduction in wholesale prices. Traders say that soybeans are usually bottled and sold by different companies in the market.
Besides, there is some demand for open soybean towards Grameganj. The soybean bottles in the market are already supplied by different companies.
When these are sold, bottled soybeans will be sold at the new price.
On the other hand, there is a demand for palm oil in various hotels, restaurants and food manufacturing establishments.
According to a search in the wholesale market of Khatunganj yesterday, palm oil has come down to Tk 800 per maund (37.32 kg) in one week interval and is now being sold at Tk 100. Besides, soybean has been reduced by Tk 500 and is now being sold at Tk 5,600.
