Govt Approves Tk 178 Crore Soybean Oil Import from Thailand to Stabilise Market

To stabilise the domestic edible oil market, the government has decided to import 1 crore 35 lakh 75 thousand litres of soybean oil from Thailand at a total cost of Tk 178 crore 47 lakh. The oil will be procured through the international procurement system at a rate of Tk 131.47 per litre.

The proposal was approved at a meeting of the Advisory Council Committee on Government Procurement, held at the Secretariat on January 6 and chaired by Finance Adviser Dr Salehuddin Ahmed.

Following a proposal from the Ministry of Commerce, the committee authorised the purchase of soybean oil from Prime Crop World Company Limited. Authorities have been instructed to initiate the import process immediately to help control market prices and ensure adequate supply.

In addition to soybean oil, the committee also approved the import of several other essential commodities, including lentils, various fertilisers and fuel oil, to meet domestic demand. Emphasis was placed on expediting imports to keep the trade and agricultural supply chains functioning smoothly.

Speaking after the meeting, Finance Adviser Dr Salehuddin Ahmed said the government is prioritising speed and transparency in procurement.
“This initiative will have a positive impact on the edible oil market and help prevent shortages in the coming months,” he said.

Officials noted that the decision to build up edible oil reserves was taken with Ramadan and overall market conditions in mind. The government expects the move to ease pressure on prices and bring relief to consumers nationwide.