The government has fixed the prices of edible oil to keep the price hike of the product under control, said commerce minister Tipu Munshi.
"Sale of edible oil will to be ensured at the prices fixed by the national committee constituted with the representatives of the government and the trade bodies. We will strictly monitor the market in this regard," said the minister while briefing journalists at his secretariat office on Wednesday after a meeting with the national committee.
He said the price of loose soybean oil has been set at Tk 115 per litre at the consumer level, Tk 110 per litre at the distributor level and Tk 107 per litre at the mill gate.
The price of bottled soybean oil has been fixed at Tk 135 per litre at the consumer level, Tk 127 per litre at the distributor level and Tk 123 per litre at the mill gate, he added.
Price of five-litre bottled soybean oil has been fixed at Tk 630 at the consumer level, Tk 610 per litre at the distributor level, and Tk 590 per litre at the mill gate level.
The commerce minister said price of palm oil super has been fixed at Tk 104 per litre at the consumer level, Tk 98 per litre at the distributor level and Tk 95 per litre at mill gate.
The new prices would come into effect immediately, he said.
Prices of edible oil witnessed a rise in the international market, he said, adding that the new prices of edible oil have been fixed taking into consideration all issues including the import price and shipping cost.
He said that the prices of edible oil would be revised in the local market following the trend of the international markets.
The commerce minister said there is enough stock of edible oils in the country now. Steps will be taken to create more stock of edible oils and other essential commodities ahead of the coming Ramadan to avert any crisis in the local market, he added.
"The government will extend all-out cooperation in creating stock of essential commodities," he added.
Commerce secretary Dr. Md. Jafar Uddin, Director General of the Directorate of National Rights Protection Babul Kumar Saha, Director of Bangladesh Foreign Trade Institute (BFTI) Md Obaidul Azam, member (trade policy) of Bangladesh Trade and Tarif Commission Abu Raihan Alberuni, NBR member (custims) Syed Golam Kibria, additional secretary of the commerce ministry (export) Md Hafizur Rahman, TWO Cell Director General Md Hafizur Rahman, Meghna Group Chairman Mostafa Kamal, TK Group director Md Safiul Afsar Tajlim, City Group Adviser Amitav Chakrabarty and S Alam Group Senior General Manager Kazi Salah Uddin Ahmed, among others, were present at the meeting.
