Industry

Enough stock of edible oil to keep the price stable: Tipu

Commerce Minister Tipu Munshi on Monday said the government is monitoring the market price of edible oil as there is now a stock of 90,000 tonnes of the essential cooking ingredient..

“Those who will try to manipulate the price will be identified. Besides, the Home Ministry is taking steps to remove any transportation obstacles,” he said told reporters after a meeting of the taskforce on prices of essential items and market situation at the Secretariat.

Following the government’s move to reduce VAT on edible oil, the price of the commodity has come down with the National consumer Rights Association working to keep the supply chain straight, he said.

Replying to a question Tipu, said “The government has fixed the price of edible oil when the global price was $1400, which now sells at $1600. So, we will re-fix the price based on a month-long average.”

Meanwhile, the government has taken steps to unload and transport goods in a short time after completing all necessary processes, he said.

Besides, steps have also been taken to remove any obstacles in import, retail and dealership level.

The government has strengthened the market monitoring to keep the prices of cooking oil stable. There is no shortage of other commodities in the country, claimed the minister.

Source: United News of Bangladesh