Soybean oil is harmful to health: Commerce minister

Commerce Minister Tipu Munshi has said that soybean oil is harmful to health and rice bran is better than soybean.

"It is possible to produce 7 lakh tonnes of rice bran oil every year in the country. So instead of relying on imports, the government is focusing on rice bran oil production. Rice bran is better than soybean and also beneficial for health," the minister said after the second meeting of the task force committee on commodity prices on Wednesday (18 May).

The minister also informed that the government is emphasising on finding alternatives to soybean oil.

Mustard, rice bran alternatives to soybean: Commerce minister

"Mustard, rice bran, and canola oil have been identified as alternatives to soybean oil. At the same time, plans have been taken to increase the production of mustard and rice bran oil in the country," he added.

He further said that it is possible to increase our mustard production by a significant amount which will meet a significant part of our internal demand. 

Edible oil price reaches historic high in country

"In addition, efforts are being made to increase canola oil imports," he said. 

The price of edible oil is now at the highest in the history of the country. 

On 5 May, the commerce ministry fixed prices of bottled soybean oil at Tk198 per litre with a Tk38 hike in the wake of a supply cut-off by mill owners, fearing losses because of a rise in prices on the international market.