Edible oil price not to go up in next 15 days: Commerce minister

The government on Wednesday rejected the latest proposal of traders to raise the price of edible oil further.

"The Ministry of Commerce will assess whether there is any reason for price hike and will decide on the matter after 15 days," Commerce Minister Tipu Munshi told reporters following a meeting with cooking oil traders on Wednesday.

The minister said edible oil prices will not go up in the next 15 days. Rather traders have been urged to reduce prices.

"A decision in this regard will be taken considering the local and global market situation," he added.

Earlier this month, traders proposed an increase in the price of edible oil from Tk160 to Tk168 per litre. 

Instead of responding to the proposal of edible oil companies, the commerce ministry decided to inspect factories to assess the appropriate price of edible oil.

On 19 October last year, the price of bottled soybean oil was set at Tk160 with an increase of Tk7 per litre. At that time the price of crude soybean oil in the international market was $1,250-1,300 per ton. 

Currently, the price of edible oil has risen to around $1,400 per ton, and hence the latest price increase from traders.

Commerce Secretary Tapan Kanti Ghosh, Additional Secretary AHM Safiquzzaman, City Group Director Biswajit Saha, and representatives of edible oil companies attended yesterday's meeting.