02/08/2010 (Bdnews24.com), Dhaka – The FBCCI has assured that the price of edible oil will not slip out of reach during Ramadan.

At a briefing with the journalists the apex business body's president fell just short of guaranteeing that edible oil prices would not rise during the Ramadan, which is typically marked with spiralling commodity prices.

Abul Kalam Azad, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), was briefing journalists on Monday after a meeting on storage of edible oil and price situation at the commerce ministry.

Azad said the country's average edible oil demand is 100,000 tonnes a month which is already in store.

"There is an additional demand of 50,000 tonnes during Ramadan. We have 50,000 tonnes in the port which is being unloaded at the moment."

"So there is no possibility of edible oil prices rising during Ramadan."

He said that the price will remain stable and that the businessmen were even trying to reduce the price.

Azad said both the government and the FBCCI had assured businessmen of measures to resolve their problems by next week.

"Next week's meeting between the FBCCI and government with the edible oil businessmen's association will reach a final decision in this regard. However, the price of edible oil is most likely to decrease."

Azad said that at present soybean is selling at Tk 75 per kg, super palm oil at Tk 70 and palm oil at Tk 68 at the mill gate while the price of soybean is Tk 80 and palm oil is Tk 72-74 at the retail level.

"The businessmen are investing billions in this sector with long term plans. So there is no reason to increase the price during Ramadan. The demand of edible oil may increase, but the market will remain stable."

Chaired by commerce secretary Golam Hossain the meeting was attended by additional secretary of commerce ministry Martuza Reza Chowdhury, Edible Oil Businessmen's Association president MA Rouf Chowdhury and director general consumer rights department Abul Hossain, among others.