Following the lowering of the value-added tax (VAT) on the import of the commodity, Bangladesh bought roughly 90,000/mt of edible oil from overseas at a cheaper cost. On 4 April 2022, Commerce Minister Tipu Munshi briefed reporters after chairing the inaugural meeting of a task force to assess the pricing of basics and the market situation, which was held in the commerce ministry conference room. The impact of the VAT cut on edible oil has already been apparent in the market, according to the minister. At the retail level, edible oil costs between USD 1.88 and USD 1.94 per liter. There is plenty of edible oil on hand at the local market. According to the minister, the government is keeping an eye on the supply of critical products. Mr. Tipu also stated that the ministry of home affairs and the relevant law enforcement authorities will provide the necessary assistance and cooperation. On 16 March 2022, the National Board of Revenue (NBR) cut VAT on soybean oil and palm oil imports from 15% to 5% in an effort to curb the rising price trend.
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