Government to buy soybean and rice bran oil to stabilize prices

The Advisers Council Committee on Government Purchase today approved two major proposals for purchasing 1.50 crore litters of edible oil to strengthen the domestic supply chain and maintain market stability. The approval came from the 48th meeting of the Advisers Council Committee on Government Purchase in this year held today virtually with Finance Adviser Dr Salehuddin Ahmed in the chair.

Under the Ministry of Commerce, the government will procure 50 lakh litres of soybean oil from Sonargaon Seeds Crushing Mills Ltd. at a cost of TK 89.92 crore, with the per-litre price fixed at TK  179.85. The Committee also endorsed the purchase of 1 crore litres of refined rice bran oil through local competitive bidding. Of this, 30 lakh litres will come from Tamim Agro Industries Ltd., and 70 lakh litres from Majumder Bran Oil Mills Ltd. The total contract value is TK 161 crore, with a per-litre price of TK 161. Officials said the move is aimed at ensuring stable edible oil supply ahead of increased seasonal demand.