Edible oil price won’t increase by even a decimal: Commerce minister

There is no shortage of edible oil in the country, and its price will not increase even a decimal, Commerce Minister Khandaker Abdul Muktadir said today (9 March).

"Panic buying by consumers could temporarily create pressure on supply in some places, which may unnecessarily complicate the situation," he told reporters after a meeting at the ministry in the Secretariat to review the overall supply of edible oil with importers and refinery owners.

He said the meeting was convened after several media reports in recent days mentioned shortages of edible oil in some areas or sales at Tk2 higher per litre.

"We sat to review the situation. From the meeting, we learned that there is an adequate supply of edible oil in the market," Muktadir said.

He added that due to panic buying by consumers in some places, stocks at certain shops might run out temporarily.

The commerce minister also shared a personal experience, saying that while visiting a market in the capital, he saw that large roadside shops had adequate edible oil in stock and the bottles carried the government-fixed price.

However, inside the market, one shop had kept a limited stock of oil and was trying to sell it at Tk2-3 higher per litre, he said.

Addressing consumers, he said there was no need to buy excessively out of panic. "As products are available in the market, unnecessary competition could give dishonest traders an opportunity to take advantage."

The minister also warned that the government would take action if any irregularities occurred in the market.