The National Board of Revenue (NBR) today imposed a fresh 25 percent regulatory duty on the export of crude and refined rice bran oil to discourage shipments and increase domestic supply.

The NBR came up with the move following a recommendation made by the Bangladesh Trade and Tariff Commission (BTTC) in December last year.

The commission's recommendation comes in response to soaring cooking oil prices in the local market over the past few months, driven by rising international prices due to a reduction in palm oil production and Indonesia's increased focus on using palm oil for biodiesel.