• Financial

If the price of the dollar does not increase, the commerce minister hopes to reduce the price of edible oil

  • Financial
  • 31 August, 2022 00:36:49

Photo: Collected

News Desk: Bangladesh Trade and Tariff Commission (BTTC) will hold a meeting on the price of edible oil soon, Commerce Minister Tipu Munshi said, the price of edible oil has decreased in the international market. If the dollar stops rising and goes lower, that will have an impact on the market.

He said this to reporters after a meeting held at the Ministry of Commerce on Tuesday (August 30) regarding the price of daily necessities and the market situation.

In response to the question of whether the price of edible oil will decrease in the future, the commerce minister said that we have increased the price of edible oil many times. Again reduced three times so far. You will notice that 6 or 7 rupees have increased in soybeans, and 7 rupees have decreased in palm oil.

He said, an interesting thing to note is that our soybean oil is imported as much as 35 percent. 65 percent of palm oil is imported. So the overall impact has been good. We will be sitting again very soon. It's about time, maybe in the first week we will sit. At this time we will see what should happen. There is a calculation system.

At this time, hinting that the price of edible oil may decrease if the price of dollar does not rise again, the Minister of Commerce said, if the price of dollar does not increase, it will be a little lower, the price has decreased in the international market... I am personally optimistic that the dollar price will not rise further, but will go lower, so maybe it will have an impact on the market.

Will the campaign of the Department of Consumer Affairs increase? In response to such question, he said, Khali has been fined in the raid. I have said that apart from fines, cases are filed against those who do injustice. The court will decide whether they are right or wrong. He made a profit of 2 lakhs, if he fined 50 thousand, he is happy that he has made a profit of 150,000 taka.

Meanwhile, on August 23, Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association increased the price of soybean oil by Tk 7 per liter. As per the new prices, bottled soybean oil is fixed at Tk 192 per litre, five liters at Tk 945. Besides, the price of palm oil per liter is increased to Tk 145.

Earlier on August 3, Bangladesh Vegetable Oil Refining and Banaspati Manufacturers Association proposed to increase the price of soybean oil by Tk 20 per liter to BTTC. It was said to make the price of open soybean oil Tk 180 per liter, one liter bottle at Tk 205 and five liter bottle at Tk 960.

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