Home ›› 12 Jun 2023 ›› Front
The government has decided to reduce the price of edible oil considering the price reduction in the international market.
The price of bottled soybean oil has been reduced by Tk 10 per litre to Tk 189, and loose soybean oil will now cost Tk 167 per litre, Senior Commerce Secretary Tapan Kanti Ghosh said on Sunday. The price of palm oil has been reduced by Tk 2 per litre to Tk 133.
The price reduction will come into effect within a few days, he announced after the 7th meeting of the ‘Task Force on Review of Commodity Prices and Market Situation’ at the conference room of the Ministry of Commerce at the Secretariat.
The commerce secretary said, “Many issues were discussed in today’s meeting, including the prices of soybean oil, onion, ginger and garlic. We’ve also discussed the current import situation.
“We’ve already reduced the price of onions after the decision to allow imports.” The senior commerce secretary also said the price of edible oil may reduce further in the next 15 days, based on the reduction in price in the international market.
“We have asked to reduce the price of edible oil from Monday. We hope that oil will be available in the market at the new price within two-three days. Considering the overall aspect, it is being reviewed whether the price of oil can be reduced further before Eid,” he said.
According to the commerce ministry, there is a demand for 20 lakh tonnes of edible oil annually in the country. Of this, around 200,000 tons are produced locally, while the rest is imported.
Onion prices expected to drop further
Meanwhile, speaking about the country’s onion market, Tapan said soon after the Ministry of Agriculture allowed onion imports, the price of the essential commodity started to fall in the market.
So far, permission has been granted to import 5,00,000 tonnes of onions, and 30,000 tonnes have already arrived in the country, he said, adding that onion prices will fall further once the remaining import arrives.
Replying to a query from the journalists about a possible volatility in the commodity market ahead of Eid-ul-Azha, the senior commerce secretary said considering the demand in the last one year, there is no shortage of supply in the country except for sugar, wheat and ginger.
He said, “We have discussed keeping the prices of products which demand increases during Eid-ul-Azha. The issue of keeping prices of other products normal have been discussed as well.
“There is a shortage of ginger in the country due to the stoppage of imports from China. A solution is in progress. We have spoken to all the traders and they have agreed to keep the prices of the products normal in the market.”
Tapan informed that wheat import in the country has decreased by 2.4 lakh tonnes and sugar import by 72,000 tonnes within a year. Lower import prices have affected the market. Almost the entire sugar demand of the country depends on imports. For this reason, the price has to be determined in coordination with the international market. The price of sugar in the international market has been stable for quite some time.
However, Tapan said it is not possible to immediately reduce the price of a product in the country even if the price falls in the international market. Because the dollar price acts as a major factor in the case of imported goods. Besides, the tariff and internal transport costs have an impact on the pricing too.
