Govt has no plan to raise prices of edible oil
File photo of Soybean oil.
Commerce Minister Khandaker Abdul Muktadir said there is no fear of a shortage of goods in the market ahead of holy Ramadan. At the same time, the government has no plan to increase edible oil prices at this moment, he said.
The minister added that sufficient goods are in the import pipeline to keep the supply of essential commodities normal during the fasting month.
The commerce minister came up with these remarks in response to journalists' questions before a meeting with importers and traders at the conference room of the Ministry of Commerce on Wednesday.
The minister also explained the journalists about the supply situation of essential commodities during Ramadan. He said the government has reviewed the situation considering the probable demand for import-dependent goods including edible oil, chickpeas, lentils, and sugar.
Abdul Muktadir indicated that the quantity of goods in the pipeline is sufficient to keep the market stable. There will be no shortage of goods in the market during Ramadan or before and after it, he said.
However, the commerce minister noted that fluctuations in commodity prices and shipping fares in the international market play an important role in import costs and in determining commodity prices in the domestic market.
Edible oil prices will not rise
In response to journalists' questions about whether traders have any proposals regarding adjusting edible oil prices and whether prices will be raised before Ramadan, the commerce minister said the government has no plan to increase edible oil prices at this moment.
The price of soybean oil, the most widely used edible oil, was increased by Tk 5 per liter to Tk 204 in September. Traders have been demanding a further increase of Tk 14 per liter.
Noting that chickpea prices have risen somewhat in the international market, the minister said discussions are ongoing with importers on the matter. The government remains alert to keep the supply system of goods active and maintain market stability.
Measures if there is a problem opening LCs
When asked whether traders are facing any problems in opening letters of credit or LCs for importing goods, the minister said no major complaints of obstacles have been received from traders so far.
However, if any importer faces margin or other banking complications with LCs, the minister assured that necessary measures will be taken in consultation with Bangladesh Bank.
FTA with Malaysia by 2027
Regarding the expansion of Bangladesh's international trade, the Commerce Minister said that formal discussions have begun on the proposed Free Trade Agreement (FTA) with Malaysia. The Minister expressed hope that the first round of talks, which began Tuesday, will play an important role in expanding trade and investment between the two countries.
The Minister said that the goal has been set to complete the agreement with Malaysia by December 2027 by moving the discussions forward.
In addition, discussions are ongoing on preferential trade cooperation with important trade partners such as the United Arab Emirates, Indonesia, Oman, New Zealand, and the European Union.
Maintaining duty-free trade benefits is a big challenge
The Commerce Minister said that after Bangladesh's graduation from the list of Least Developed Countries (LDCs), maintaining duty-free and preferential trade benefits in the international market will be a big challenge for the country. In this situation, completing free trade agreements with various countries will help Bangladesh maintain its export capacity and competitive position.
The Minister expressed hope that such agreements will play an important role in expanding the market for readymade garments and other export products, attracting new investment, and increasing bilateral trade.
Those present at the meeting included Sharaf Uddin Ahmed Chowdhury, Secretary of the Ministry of Commerce; Nasir Uddin Doulah, Chairman of the Bangladesh Trade and Tariff Commission; senior officials of the ministry; and importers and business leaders.
