Edible oil market to stabilise in 2-3 days, hopes commerce minister
Commerce Minister Tipu Munshi hopes that the volatile oil market will be stabilised within two to three days.
"If oil prices continue to fall in the international market, it will affect the local market as well," he said while talking to reporters after a function at a hotel in the capital on Thursday (12 May).
The minister responded to inquiries about when the government plans to import oil saying, "We are working on the matter. We are hopeful that we will be able to import oil through TCB from June."
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Local businesses are demanding to stop the drive conducted by the Directorate of National Consumer Rights Protection to recover stockpiled edible oils. Regarding the issue, the minister said, "Operations will continue till the supply returns to normal."
On 5 May, the commerce ministry fixed prices of bottled soybean oil at Tk198 per litre with a Tk38 hike, fearing losses because of a rise in prices in the international market.
