Bangladesh Govt imposes 25% duty on rice bran oil export to boost local supply
To stabilize the edible oil market, Bangladesh’s National Board of Revenue (NBR) has imposed a 25% regulatory duty on rice bran oil exports. This oil could meet a quarter of domestic demand but is largely exported. Despite tax reductions on imports, shortages persist, highlighting the country’s heavy dependence on imported soybean and palm oil.
According to a press release from the National Board of Revenue (NBR) on Sunday (9 February), if locally produced rice bran oil can be supplied to the domestic market instead of being exported, it will help stabilise the edible oil market.
“For this purpose, considering the recommendations of the Bangladesh Trade and Tariff Commission, the NBR has imposed a 25% regulatory duty on the export of all types of rice bran oil to discourage exports,” the release states.
According to the NBR, this oil is capable of meeting over one-fourth of the country’s domestic demand for edible oil. However, a lion portion of it is exported to neighbouring countries.
Bangladesh is heavily dependent on imports for its edible oil demand, primarily soybean oil and palm oil. The country’s annual demand is approximately 30 lakh metric tonnes of refined and crude oil, with about 90% of it being met through imports.
Despite the government’s reduction of import taxes on edible oils in recent months, consumers have reported a shortage of edible oil in the market.
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Source : The Business Standard
