Oil traders failed to keep their commitment: Tipu Munshi

Commerce Minister Tipu Munshi has said that the edible oil traders have failed to keep their words.

He made the comment while answering a question of the reporters in a press briefing on edible oil management in the market at the Secretariat on Monday. 

When asked, if the ministry has failed to manage the market as they could not put a reign on the rising price of edible oil, the minister said, “We accept our failure because the traders did not pay heed to our words and broke their promises to keep the price at a reasonable price for seven days during the Ramadan.”         

"I have told all our organizations to sell the oil at a fixed price. No samples of oil syndication were found in the market. However, the retailers and dealers have taken the opportunity. But, we will not let anyone take advantage," he added. 

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"We used to hold a meeting every one and a half months. We are going to sit again when there is an opportunity to reduce oil prices,” Tipu said when asked about the next price adjustment meeting.

The commerce minister further said that the price of oil has gone up in the international market. "For oil, we depend on others, around 90 per cent of our imports...No one is saying how much the price of oil has risen in the global market."