BAKU, Azerbaijan, May 2. In Kyrgyzstan, vegetable oil prices will be reduced by 12 percent in retail chains of the country, Trend reports citing the Antimonopoly Regulation Service of Kyrgyzstan.
In one of the largest retail chains of Kyrgyzstan such as “Narodnyi” Trading House LLC, the price of vegetable oil will be reduced by 12 percent in the near future.
The Cabinet of Ministers of Kyrgyzstan adopted Resolution No. 137 dated March 11, 2022, which establishes a zero VAT rate for the supply and import of certain goods into Kyrgyzstan, including vegetable oil, which allows importers to reduce wholesale selling prices for vegetable oil.
In Kyrgyzstan, the average selling price of vegetable oil is 166 Kyrgyz soms per liter ($2). In order to further stabilize consumer prices and prevent their sharp fluctuations, appropriate changes were made to the said resolution, that is, VAT zeroing along the entire chain from import to final retail sale.
At present, the Antimonopoly Regulation Service has informed large trade enterprises (retail chains, markets, retail stores, etc.) about the need to apply zero VAT when setting retail prices, in particular for vegetable oil.
This measure will have a positive impact on the final sale and will enable the population of Kyrgyzstan to purchase vegetable oil at an affordable price.