The government has decided to increase the production of mustard oil and rice husk bran oil to reduce soybean oil import dependency.
According to a preliminary assessment, it is possible to meet one-fourth of the demand by producing oil with the amount of paddy husk produced in the country.
The authorities concerned think that it is possible to increase the cultivation and production of mustard in the country. Besides, they also want to popularize canola oil. As per their concern it is possible to remove the instability in the edible oil market in the country even in the turbulent world market situation.
After the second meeting of the Commerce Ministry’s Commodity Price Review Taskforce Committee on Wednesday, Commerce Minister Tipu Munshi announced these three initiatives as an alternative to soybeans.
“Soybean and palm oil prices are rising due to the supply crisis in the world market. It has also affected the country’s market. In just over a year, prices in the country have almost doubled and there has been a supply crisis. There is no edible oil crisis in the country at the moment,” he said.
The minister also said that with the oil in the country, our needs will be met. The question is how long is it? He added that, “We will not only rely on soybeans and imports. We will have to eat alternative mustard and rice bran or canola oil. We have to make that decision. We need to change our habits.”
The minister said the government has already decided to increase the production of mustard and rice bran in the country as an alternative to soybean. The Ministry of Agriculture is starting work according to the plan.
According to the agriculture ministry, at present the country’s rice bran oil production is only 50,000 tonnes. The government has calculated that it is possible to take it to 7 lakh tons.
“If we can do this, 24 percent to 25 percent of our total edible oil demand will be met from rice bran,” added the minister.
The minister has also said, “Similarly we are going to emphasize mustard production. It is possible to increase our mustard production in significant amounts which will meet a significant part of our domestic demand. Attempts are also being made to increase canola oil imports.”
At present the demand for edible oil in the country is about 20 lakh tons. The lion’s share of it is imported. Soybean is in high demand among the edible oils used in cooking. Reliance on palm oil for commercial use is high. Even in the 80's, the country's dependence on mustard oil was high, but later it decreased. However, the demand for this oil has been increasing in the last few years.
The Minister also urged the Ministry of Information and journalists to strongly promote the benefits of alternative oils to soybean oil.
The briefing was attended by Commerce Secretary Tapan Kanti Ghosh, Director General of the National Consumer Rights Protection Department AHM Safiquzzaman and senior officials of various agencies of the Commerce Ministry.