Bangladesh
Edible Oil Price Edible oil prices will drop
Own Correspondent, Dhaka, June 3: Commerce Minister Tipu Munshi has expressed hope that the price of edible oil will come down in the domestic market as well.
The minister made the remarks at a press briefing at the Commerce Ministry's conference room at 11 am on Thursday (June 2). The briefing was given on the occasion of 'Second Tea Day 2022'.
When asked if the government would review (adjust) oil prices in the face of falling international oil prices and Indonesia lifting export bans, the minister said, "We will reassess in a month or two. I will review all the information for the month of May in 5-7 days."
He said, "As far as we know, prices are down today. It will take one to one and a half months for the effect of today's price to be felt in the country's market. The good news is that the price of palm oil has come down. It is to be noted that the price of soybean is also declining. The new price will be determined by assessing the situation at a meeting which will be held in 6-7 days. I hope this is will not rise again. The price will decrease according to the new price. I think palm oil will have a significant effect."
When asked about the price of rice, he said, "Basically, the Ministry of Food controls rice. If you want our help in this matter, I will help. As far as I know, eight teams of the Ministry of Food have been working. These teams have already started operations to find out how much stock of rice is there in the markets."
The Commerce Minister said, "You have to give time to get the benefits of anything. Hopefully, they will be in a better position this week. There is no shortage of rice in our country, we have what we need. Attempts are being made to create an artificial crisis somewhere."
