The ministry will make the proposal to prevent importers' losses due to the fast appreciating dollar against the taka and to contain the prices which the importers say must be increased.
Generally Bangladeshi importers are subject to make payment at the prevailing rate when they initiate their letters of credit. But cooking oil importers are made to pay at the rate prevailing at the time of unloading their goods at the docks. This system is called deferred payment.
Sources inside the commerce ministry say it will propose the Bangladesh Bank to change this system.
An official seeking anonymity told bdnews24.com that commerce minister G M Quader will raise the issue at the next cabinet meeting. Once approved there, the ministry will send a formal proposal to the central bank which it will discuss with the rest of the banks.
"Although edible oil price have been steady internationally, the dollar is getting pricier against taka. On Thursday, the banks charged Tk 86.30 per dollar for payments above $ 10,000," the official said.
"Considering the time of opening their LCs, dollar was cheaper than Tk 78, these businessmen are suffering huge losses," the official added.
On July 20 last year, the government fixed retail soybean oil price at Tk 109 per litre and palm oil at Tk 99. According to the Trading Corporation of Bangladesh soybean is now selling at Tk 124-Tk 128 in Dhaka.
The ministry's move comes from recent demands of oil importers to raise retail prices.
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