Edible oil price may go up further: Tipu Munshi

The price of edible oil may rise again in Bangladesh if it is increased in Brazil as the country imports it from the Latin American country, said Commerce Minister Tipu Munshi on Saturday.

The minister said this while talking to journalists at Sheikh Shafi Commerce College in Lalmonirhat.

"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.

To keep the prices of daily essentials within people's purchasing capacity, the market is being monitored, Tipu Munshi added.

Currently, the bottled soybean oil is selling at Tk160/litre.

Traders recently proposed increasing the price of edible oil by Tk8/litre. In that case, the price in the retail market will be Tk168/litre, while the mill's gate price will be Tk158, and the distributor price will be Tk 162/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 finalized.