Oil prices unlikely to rise: Commerce Minister

Commerce Minister Tipu Munshi has said that according to the international market, there is no possibility of increase in oil prices in the country, prices will come down.

He made the remarks at a briefing at the Commerce Ministry on Thursday (June 2).

Oil prices have started falling in the international market. Indonesia have lifted ban on export. Asked if oil prices would be reviewed, Tipu Munshi said, "We will re-assist." Very soon, in 5-7 days we will re-assist with the entire data for the month of May.

"As far as we know, prices have come down today," he said. It will take one to one and a half month to have that effect in our local market.

The good news is that the prices of palm oil and soybeans oil are decreasing. The new price will be fixed by assisting in the meetings which will be held in six-seven days. Prices will decrease according to the new price. "I think palm oil will have a big impact, soybean prices will not go up that much," he said.

On the issue of rice, the Commerce Minister said, that’s under Ministry of Food. If they ask us for help in this matter, we will help.

"As far as we know, the Ministry of Food has made eight teams," he said. These teams are already out, trying to find out and how much stock they have. You have to give time to get the benefits of anything. Hopefully this week they will bring some good result.

The minister said that there is no shortage of rice in our country, we have what we need. He also alleged that an artificial crisis was being created in some places.