Com ministry for load-shedding free edible oil refineries

Commerce ministry will recommend to the Power Division secretary to keep edible oil refineries and other necessary commodities out of load-shedding, the ministry’s Senior Secretary Tapan Kanti Ghosh said in a meeting recently.

Tapan made the remarks at the third meeting of the Task Force Committee on Review of Commodity Prices and Market Situation at the Secretariat on July 19.

Representatives of various ministries and departments, intelligence agencies and businesses were present at the meeting.

Due to the rising cost of importing edible oil, the market situation is abnormal right now. The government is taking multifaceted measures to keep the production of edible oil uninterrupted.

The steps include unbroken electricity supply, increasing the facilities for importation, and increasing production by expanding the plantation of oilseeds in the country.

The commerce secretary said that different types of oilseed plantations should be increased in the southern part of the country and the areas where tobacco production is high.

He also advised the Ministry of Agriculture to work intensively to increase multi-purpose cultivation and use of oilseeds.

Earlier in the month, Commerce Minister Tipu Munshi said that the government plans to increase domestic production of rice bran and mustard oil to reduce dependency on soyabean oil imports.

The government on July 17 reduced the retail price of bottled soybean oil by Tk 14 to Tk 185 per litre in response to falling prices in the global market.

It was decided in the meeting on July 19 that the Ministry of Commerce will recommend to the National Board of Revenue to withdraw the tariff value and customs tax to encourage the import of rice bran, canola, and olive oil as alternatives to soybean and palm oil, to keep the supply of edible oil normal in the market.

Bangladesh Tariff Commission will take necessary steps along with rice bran producers and other stakeholders in determining what to do to increase rice bran oil production.

The Directorate of National Consumer Rights Protection will take the necessary measures to monitor the pre-fixed prices of edible oil at the wholesale and retail markets (including mill gate) to keep the market stable.

It was further decided that the Ministry of Agriculture will take necessary steps to increase the production of oilseeds and wheat.