The price of edible oil, particularly soybean and palm oil, has been decreased by a maximum of Tk 10 per liter. This move comes as part of ongoing efforts to stabilize commodity prices and ensure affordable essential goods for the public.
Following the 7th meeting of the Task Force on Review of Commodity Prices and Market Situation held at the Ministry of Commerce's conference room, senior secretary of the Ministry of Commerce Tapan Kanti Ghosh addressed journalists and outlined the new pricing structure.
The packaged soybean oil price has been reduced by Tk 10 and now fixed at Tk 189 per liter, while loose soybean oil will now cost Tk 167, following a reduction of Tk 9. Additionally, the price of palm oil has been adjusted from Tk 135 to Tk 133 at the retail level.
Ghosh further stated that the Ministry has instructed for the revised prices to take effect immediately, and consumers can expect the new prices to be reflected in the market within two to three days. In addition, the Commerce Secretary expressed optimism about the possibility of further price reductions before the upcoming Eid festival, taking into consideration the overall market conditions.
Discussing about other commodities, Ghosh mentioned that the recent permission to import onions from the Ministry of Agriculture has already resulted in a decline in prices of onions. Five lakh tonnes of onions have been approved for import, of which 30000 tonnes have already arrived in the country. The remaining imported onions are expected to further contribute to reducing prices in the country.
Addressing concerns about the supply and demand of essential goods, Ghosh assured that apart from sugar, wheat, and ginger, there have been no shortages in the country over the past year.
He also mentioned discussions around maintaining stable prices for products with increased demand during the upcoming Eid-ul-Azha festival, while steps are being taken to address the shortage of ginger resulting from a halt in imports from China.
Ghosh emphasized that wheat imports have decreased by 2.4 million tonnes and sugar imports by 72,000 tonnes within a year, which has impacted the market due to lower import prices. As the country largely relies on imported sugar, international market coordination is crucial in determining its price, which has remained stable recently.
However, the senior secretary clarified that immediate adjustments to the price of sugar based on international market fluctuations are challenging due to factors such as the exchange rate of the US dollar and associated tariffs and transportation costs.
The meeting, chaired by the Commerce Secretary, was attended by senior officials from relevant ministries, departments, directorates, the National Board of Revenue, Bangladesh Bank, FBCCI, and various business organizations. The collaborative efforts aim to maintain market stability and ensure the availability of essential goods at reasonable prices for the public during the upcoming festive period.
