Dhaka, Feb. 20 -- Mill owners have agreed to lower the prices of soybean oil by Tk 10 a litre following a government initiative to cut tariffs on certain essentials in a bid to stabilise the market before Ramadan.

State Minister for Commerce Ahasanul Islam Titu made the announcement after a task force meeting on commodity prices on Tuesday.

The decision comes in the wake of the National Board of Revenue's move to reduce import duty on edible oil by Tk 5, prompting mill owners and refiners to agree on a price cut to support consumers during the fasting month.

The revised prices will take effect on Mar 1. Accordingly, the price of bottled soybean oil is set to drop to Tk 163 per litre, while the unpackaged form of the cooking oil will be...