Edible oil price may come down soon: Tipu

Edible oil price may come down soon: Tipu

Commerce Minister Tipu Munshi on Thursday said that edible oil price may come down soon in the local markets as the price of the cooking oil started to decline in the international markets.
“The good news is that the prices of crude edible oil started declining in the international markets. There is a possibility of reduction of price of edible oil in the domestic markets,” Tipu said at a press conference held at his secretariat office in the capital.
The minister was speaking at the press conference on the occasion of the second national tea day celebration to be held on June 4.
He said within next six or seven days, the Commerce Ministry will assess the data on edible oil import, prices in local and international markets, supply and stock of May to fix the new price level of cooking oil in the domestic markets.
Earlier, the bottled edible oil price was increased by Taka 38 per litre to Taka 198 from Taka 160 per litre last month following the price hike of the cooking oil in the international market. The price was hiked despite taking a wide range of remedial measures like VAT reduction to 5 percent from 15 percent in last March. The price of edible oil increased abnormally in the domestic markets following the rise in the prices of cooking oil in the international markets and export ban of palm oil by Indonesia.
However, the Indonesian government withdrew the ban on export of palm oil last week which has mainly eased the supply of edible oil in the international markets. Moreover, the reports are showing that the price of soybean oil is also declining in the international markets, the minister added.
Tipu said that the prices of imported goods went up in the local markets because of abnormal hike in freight charge and devaluation of local currency against the US dollar.