‘No edible oil price hike in two weeks’

Edible oil prices will remain unchanged for the next 15 days, Commerce Minister Tipu Munshi said Wednesday, noting that further review is needed for a fresh hike.

“We could not take any final decision in today’s meeting regarding fixing the edible oil prices as a further review is needed,” he told the media after a meeting at the secretariat.

Commerce ministry’s Senior Secretary Tapan Kanti Ghosh, Additional Secretary AHM Safiquzzaman, City Group Director Biswajit Saha, TK Group Director Md Shafiul Ather Taslim and other company representatives, wholesalers and importers of edible oil took part in the meeting.

Tipu said he would sit with the refiners and millers after 15 days to review the prices. “The decision will be taken considering the local and global situation,” he said.

Although edible oil refiners have been asking for increasing prices, the minister said he had asked them to reduce oil prices, if possible.

Refiners and millers earlier asked the government to hike edible oil prices in December last year. They claimed that prices had risen in the international market. But oil prices did not go up in the local market as the ministry took time to review and decided to inspect factories without responding to the proposal.

Oil refiners and importers had proposed raising bottled oil prices by Tk 8 per litre to Tk 168 from January 8.

“We will sit again on February 6 if we need to increase the price. If you need to reduce the price considering everything, I will do what is convenient,” Minister Tipu said.

He noted that India’s tariff structure was lower than Bangladesh’s. “Where we have 18 to 20 per cent, India has 5 per cent. We have to consider all these. For this, I have requested the traders to give some time,” he said.

At present, bottled soybean oil costs Tk 160 per litre and unbottled soybean oil Tk 136 in the retail market.

Asked about commodity prices during Ramadan, the commerce minister said discounts are offered around the world during religious festivals.

“But here, prices go up. Eid-ul-Fitr is also ahead. That is why I have requested the refiners to open letters of credit and supply enough oil to the market,” he said.