Bangladesh: Tariff Commission wants 25% duty on rice bran oil exports to boost local supply

Highlights The Trade and Tariff Commission has sought higher regulatory duty on the export of rice bran oil in a bid to ensure a stable supply of edible oil to the local market at reasonable market prices. The commission has recently sent letters to the Ministry of Commerce and the National Board of Revenue (NBR), seeking 25% regulatory duty on the rice bran oil export. "A regulatory duty of 25% can be imposed on exports to ensure the supply of refined, unrefined rice bran oil to the local market," reads the commission's letter seen by TBS. Besides, it recommended adding the "condition of approval of the commerce ministry subject to the recommendation of the commission before exporting all types of rice bran oil." The commission expects the move will bring down the price of rice bran oil and make it popular as an alternative to other edible oils in the market. According to commerce ministry data, rice bran oil is exported to India every year. Twenty rice bran oil-producing ...