No hike in prices of edible oil at the moment: Commerce Minister

Commerce Minister Tipu Munshi has said that the price of edible oil is not increasing now. He told reporters after a meeting at the secretariat on Wednesday (January 19).

"I have asked the traders to give me some time," he said. We will increase the price if we need to increase the price after 16 days and reduce it if we need to reduce it.

The Commerce Minister also said that considering everything, whatever is convenient will be done.

Tipu Munshi said India's biggest advantage is that their duty structure is less than ours. Where we have 18 to 20 percent, they give 5 percent. We have to consider all these. That is why I have requested the traders to give a little time. We will increase the price if we need to increase the price after 16 days. If we need to reduce then we will reduce. What is convenient will be done considering everything.

Earlier, the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association had sent a proposal to the Commerce Ministry demanding effective implementation of the new price, citing rising oil prices in the international market. Later, the ministry sent it to the Tariff Commission for verification and selection.