Edible oil price may hike further: Tipu Munshi

The price of edible oil may rise again in Bangladesh if it is increased in Brazil since the country imports oil from this Latin American country, said commerce minister Tipu Munshi on Saturday, reports UNB.

"The prices of essentials usually go up during the month of Ramadan. Efforts are on to keep the prices stable in the market during the period," he said, adding that the selling of goods through OMS will be doubled during Ramadan.

The minister made these remarks while talking to the newsmen at Sheikh Shafi Commerce College in Lalmonirhat. To keep the prices of daily essentials within the people's purchasing capacity, the market is being monitored, Tipu Munshi added.

Currently, the bottled soybean oil is selling at Tk 160 per litre. Traders recently proposed increasing the price of edible oil by Tk 8 per litre. In that case, the price in the retail market will be Tk 168 per litre, while the mill's gate price will be Tk 158, and the distributor price will be Tk 162 per litre.

On 6 January, the government did not approve the proposal of price hike saying that the edible oil price will not be raised until an integrated and uniform pricing system is finalised.