First the ‘pricing method’ then the decision on the price of edible oil

AHM Safiquzzaman, Additional Secretary, Ministry of Commerce, said that the decision on raising or lowering the price of edible oil would be taken after scrutiny.

He made the remarks after a meeting of a committee set up at the Secretariat on Thursday (January 7) to revise the pricing system of essential commodities (sugar and edible oil) and update the expenditure statement.

He said, “Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association has proposed to increase the price of soybean oil by Tk 6 per liter, citing increase in import cost. It has also been proposed to increase the price of palm oil. But it will not increase. The Ministry of Commerce will send the matter to the Tariff Commission for verification. Then 7 … “

Safiquzzaman said, “First we have to fix the pricing system. Then there is the matter of raising prices. I will review the pricing system done 8 to 10 years ago. On Tuesday, the committee members will visit the factories of the big refinery companies. There they will review import costs, packaging costs and other costs. Then we will fix the pricing method. Then we will sit down and fix the price of oil. ”

Referring to the decline in edible oil prices in the international market, the Additional Secretary said, “It is true that the prices in the international market have come down but it will take time to take effect. We see two-and-a-half months. We fix the pricing method first, then the price increase. When the international market goes down a lot, we also adjust the price. We have reduced the price before. ”

Expressing frustration over the news published in the media that the price of edible oil is going up by Tk 6 per liter, Safiquzzaman said, “It is not our responsibility to publish such news. One side said, “Oh, there is a government here.”

Source: দৈনিক আজাদী by

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