Dhaka:Commerce Minister Khandakar Abdul Muktadir announced on Wednesday that the government has no immediate plans to raise edible oil prices, expressing optimism that the market will remain stable around and during Ramadan.
According to United News of Bangladesh, the minister emphasized the government's efforts to ensure adequate supplies of essential import-dependent commodities. Speaking to reporters at the Secretariat, he mentioned that the government has evaluated supply conditions in consultation with importers, particularly with Ramadan approaching.
Muktadir highlighted that sufficient quantities of edible oil, chickpeas, lentils, and sugar are in the import pipeline, which he believes will help maintain market stability. When questioned about the possibility of a price hike for edible oil before Ramadan, he confirmed that there is currently no plan for such an increase.
He further explained that the prices of imported oils from Brazil, Indonesia, and Malaysia are influenced by the costs in the countries of origin and transportation expenses. He acknowledged the unpredictability of the international situation, noting that unforeseen events, such as war, could impact freight costs and commodity prices.
The government is actively monitoring the situation to prevent sudden supply shortages and is working to maintain a stable supply chain through adequate bookings and stocks. However, Muktadir pointed out that the government cannot compel private-sector traders to book goods in advance due to fluctuating international prices.
Addressing a proposal regarding additional facilities for opening letters of credit (LCs) ahead of Ramadan, Muktadir stated there is no current necessity for such measures, but the government will intervene if traders encounter obstacles.
Regarding the price of chickpeas, which are selling at Tk 115-120 per kg, he acknowledged the rise in international prices and indicated ongoing discussions with importers to find solutions. He also commented on seasonal price fluctuations in Bangladesh, emphasizing the need for improved supply systems to stabilize prices year-round.
Muktadir suggested that expanding cold storage facilities and promoting off-season production could help ensure stable supplies, adding that vegetable prices are already declining with the arrival of winter produce.