Edible oil prices to fall with drop in int’l market

Commerce Minister Tipu Munshi has said that the prices of edible oil will go down if the prices fall in the international market.

The minister also said that currently the prices are declining and if the situation continues, the government will fix prices of edible afresh.

Tipu Munshi came up with the remarks at a press briefing after a meeting with Charles Whiteley, newly appointed ambassador of the European Union to Bangladesh.

“There is an import dependence on edible oil, sugar, onion and pulses. If the prices of these items go up in the international market, it also reflects here. The government has nothing to do in this regard. The government only can supply products through Trading Corporation of Bangladesh (TCB) for the low-income people at a lower price and we are doing it,” said Tipu.

“The onion price will go down very soon. We hope that the local Murikata variety of onions will be in the market very soon. When the new onions arrive, the price of onion will reduce,” he added.

On October 19, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association raised the price of soybean oil by Tk 7 per litre and palm oil by Tk 3 per litre.

Besides, per litre bottled soybean oil is being sold at Tk 160, non-bottled soybean oil at Tk 136, five-litre bottled soybean oil at Tk 760, and per litre palm oil at Tk 118.

According to the TCB, non-bottled soybean oil is being sold at Tk 140 to Tk 145 per litre while palm oil is being sold at Tk 135 to Tk 140.

The minister further said that during the meeting they unofficially talked about GSP and GSP Plus.

“The ambassador said that we have kept talking about GSP with the concerned authorities and he will help us in this regard. We also talked about overall business and investment as the ambassador is new that’s why he is trying to understand the overall matter,” said Tipu Munshi.