Edible oil price won't be raised, says BTC chief

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Considering market findings, Bangladesh Tariff Commission (BTC) Chairman Mozibur Rahman Monday said the prices of edible oil would not be increased and the commodity would be sold at the previous rate, reports UNB.
He came up with the decision after a meeting with refiners and Bangladesh Bank representatives at his office.
"There is no reason to refix the price," Rahman told reporters after the meeting.
Earlier on January 5, Ministry of Commerce in a meeting said irregularities in supply and the increase in dollar rate are the reasons behind the price hike of edible oil.
An earlier report by our staff correspondent Syful Islam adds: Edible oil refiners are divided over the fixation of market price of the item at a higher level.
The BTC is examining the necessity of review of the oil price and holding talks with the refiners. On Sunday last, the BTC held a meeting with the refiners but could not take any decision.
The majority of the refiners say they need to hike the price of edible oil because of the depreciation of Taka against the US dollar and increased transportation cost.
On the other hand, some refiners feel that the present edible oil price is justified and any increase is not necessary.
"The price of edible oil in the international market has declined by $100 per tonne last month. I don't see any reason for increase in the cooking oil price now," chairman of S Alam Group Saiful Alam told the FE Sunday.
He said the some top refiners did not deliberately import any oil during the last few months to create an artificial crisis in the market and fetch higher profit.
Commerce Secretary M Ghulam Hossain told the FE Sunday that the ministry would take measures to reduce the edible oil price instead of raising it.
Sources said in a recent meeting at the Ministry of Commerce (MoC) Mr Saiful Alam, owner of the S Alam Vegetable Oil Ltd and S Alam Super Edible Oil Ltd, has offered to sell oil at Tk 106 per litre while other refiners offered a price up to Tk 130 per litre.
The monthly demand of edible oil in Bangladesh is nearly 100,000 tonnes. S Alam Group at present has a stock of 100,000 tonnes of soybean oil while 300,000 tonnes of palm oil and another 100,000 tonnes of soybean oil are in the pipeline.
"With the stock of edible oil and the oil in pipeline I can meet the demand for next three months. I do not see any possibility of oil crisis in the market and there is no need to hike its price," Mr Alam said as the Bangladesh Tariff Commission is convening a meeting to review edible oil price on demand of some refiners.
He said: "I do calculate cost on actual procurement price of the commodity instead of changed market rate. I make less profit than others."
Mr Alam said he will continue to supply edible oil in the market at Tk 106 per litre even if the government increases the price under pressure of some 'dishonest' refiners who want to make excessive profit.
"The crude oil that I sell to the millers goes to the local market through distributors after refining. It helps keep the oil price under control," he informed the commerce secretary.
According to the Trading Corporation of Bangladesh (TCB) data, price of per litre of unpacked soybean oil last Sunday was between Tk 122 and Tk 124 and palm oil between Tk 96 and Tk 99.