Minister: Edible oil prices likely to drop soon
Market situation will improve if dollar price falls further, Commerce Minister Tipu Munshi says
30/08/2022 (Dhaka Tribune) - Commerce Minister Tipu Munshi on Tuesday hinted that the price of edible oil might be lowered.
“The price of edible oil in the international market has declined. If the price of the dollar does not rise and goes lower, then it will have a positive impact on the market,” Munshi said.
The commerce minister was speaking after a meeting held at his ministry on Tuesday regarding prices of daily necessities and market conditions.
The Bangladesh Trade and Tariff Commission (BTTC) will hold a meeting soon on this matter, he added.
“We have increased the price of edible oil several times and reduced it three times so far. You will see that in soybeans, price increased by Tk6-7, and palm oil price decreased by Tk7.”
“As we import more palm oil than soybean, the overall impact will be favourable,” he hoped.
“The good news is that palm oil prices are decreasing and soybean prices are also on the path of decline. New prices will be fixed after assessing all prices in the meeting to be held soon,” said Munshi.
Earlier on Monday, the government lowered fuel oil prices by Tk5 per litre, 23 days after raising them by between 42-52%.