Saturday, June 22, 2024

8 million liters of soybean oil are being bought for sale at low prices

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Trading Corporation of Bangladesh (TCB) will collect 26 crore 40 lakh liters of soybean oil for the fiscal year 2023-2024. As part of this, 80 lakh liters of soybean oil are being purchased. This oil will be sold at subsidized prices among one crore cardholding families with low income. The total cost of this initiative will be 131 crore 16 lakh taka.

According to sources, a demand letter was sent to the Ministry of Commerce on July 11th, to purchase 80 lakh liters of soybean oil in Bangladesh (including city corporations and municipalities) for TCB’s family cardholding families at a subsidized price for monthly sales of TCB’s products.

To locally procure 80 lakh liters of soybean oil, an open tender was invited on May 28th following the Public Procurement Regulations 2008. Two responsive bids were received for the tender. In the tender evaluation committee meeting held on July 9th, it was recommended to purchase the 80 lakh liters of soybean oil at the proposed price of 163.95 taka per liter by the lowest responsive bidder, Meghna Edible Oils Refinery Limited. The other responsive bidder, Super Oil Limited, quoted a price of 164.35 taka per liter.

The committee recommended the proposed price of 163.95 taka per liter, which is 4.00 taka less than the price in the latest previous tender held on June 21st, where the price was 167.95 taka per liter.

It’s worth mentioning that the current average retail price of soybean oil in the local market is 187.50 taka per liter. The proposed price is 23.55 taka lower than the current local market price, making it significantly beneficial.

The tender evaluation committee and the TCB management unanimously recommended the lowest responsive bidder, Meghna Edible Oil Refinery Limited, to supply 80 lakh liters of soybean oil in 2-liter PET bottles at a price of 163.95 taka per liter, with an upfront advance income tax, VAT, and transportation cost of 2.00 taka per liter, bringing the net price to 158.617 taka per liter, which is competitive with the current local market price.

It is known that a purchase proposal related to this procurement will be presented at the next cabinet meeting under the chairmanship of Finance Minister A H M Mustafa Kamal.

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