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Edible oil prices up globally

Published : 06 May 2022 10:02 PM | Updated : 07 May 2022 01:38 PM

The price of edible oil has gone up due to the price rise in the international market.

Bangladesh is not isolated, so if the price increases in the world market, it has an impact on the country.

Road Transport and Bridges Minister Obaidul Quader made the remarks while visiting a road improvement project in the signboard area of Narayaganj on Friday when he was questioned by reporters about the price of oil.

The minister said, “The oil price has more than doubled in many countries, including our neighboring countries. The Ukraine war has affected oil prices. Food prices, fuel prices are rising all over the world. Bangladesh is not an isolated island. So the effect will be there, there is nothing to do.”

But when asked about the suffering of the people, Quader said, “People will not suffer, Sheikh Hasina is the real crisis manager in a crisis. As a crisis manager, she also planned and resolved the pandemic crisis with visionary leadership and commonsense.”

“Crisis will come, war is going on in the world, and crisis will come. But our Prime Minister has the courage and the honesty to deal with that,” Quader added. 

The edible oil market has been in turmoil for more than a year now. The situation is further clouded by the decision by Indonesia, a major supplier of palm oil, to suspend oil exports during Ramadan.

In order to provide relief to the consumers, the price was reduced to Tk 8 per liter after the government withdrew all kinds of VAT and duties on edible oil by keeping five percent before Ramadan. The countrymen could not spend even a month in comfort.

Soybean oil disappeared from the market before Eid. The traders said that the price at which they had to buy oil, if they had to sell it at the price fixed by the government, they would have to face losses.

On Thursday, the first working day after the Eid holiday, the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association announced the new price of oil in a press release.