Edible oil price not rising in country: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir has said edible oil prices are not increasing in the country for now, and no discussion worth mentioning on raising prices has taken place yet. He made the remarks after a meeting reviewing the edible oil supply situation on Sunday, April 12.

The commerce minister said edible oil is a highly sensitive commodity. If its price rises, ordinary consumers suffer and express discontent. For this reason, the supply and import situation of oil is reviewed at regular intervals. No situation has arisen at today's meeting to justify a price hike.

Noting that people are currently in a state of anxiety due to the global situation and ongoing war, the commerce minister said the government is prioritising preventing price increases of any commodity by exploiting the situation. Necessary steps will be taken with that goal in mind.

"We have listened to the businessmen's problems. After discussing these with all concerned, a realistic and acceptable decision will be reached very quickly to keep the supply chain going," he said.

Urging businessmen to behave responsibly, the minister said this is a sensitive time. Instability in the market of essential commodities like edible oil causes suffering for ordinary people. Everyone must therefore work responsibly.

The government is also giving equal importance to ensuring the survival of businesses, he said. Those working in this sector need to maintain their financial capacity and keep their businesses afloat, as importing such products requires significant financial capability. If any businessman leaves the market due to losses, it could have a negative impact on the country. An effective decision on this matter will be possible within a day or two, the minister added.

It is noteworthy that the mill owners' organisation, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, had proposed raising edible oil prices on Thursday, April 9.

Meanwhile, on the same day, the ambassadors of Germany and Sweden to Bangladesh held separate meetings with Commerce Minister Khandaker Abdul Muktadir. Detailed discussions were held on various aspects of bilateral trade, investment and economic cooperation during these meetings at the Secretariat.

The commerce minister said Europe is a major destination for Bangladesh's export products. Both countries can benefit by increasing bilateral trade cooperation. German Ambassador Dr Rudiger Lotz said Germany is keen to further strengthen commercial ties with Bangladesh. Swedish Ambassador Nicolas Week expressed interest in investing in Bangladesh's telecom sector.