Local consumers are yet to get any real benefit from the declining trend in edible oil prices in the international market - due to high exchange rates of Bangladeshi taka against US dollar, Commerce Minister Tipu Munshi opined on Thursday.
"The prices of edible oils have declined in the international market. But the exchange rate of dollar against taka has increased here. So, the local consumers are not getting real benefits from the declining trend in soybean oil prices in the global market."
He came up with the observation while responding to the queries from media people after attending the cabinet meeting at Bangladesh Secretariat.
Asked whether the prices of edible oils would be adjusted in line with their international market prices, the minister said the Bangladesh Trade and Traffic Commission (BTTC) would sit within one week to review the refiners' proposals for further hike in edible oil prices.
"The BTTC will analyse within next week whether the refiners' proposals for further hike in edible oil prices are justified or not."
The refiners recently proposed the government to increase the prices of soybean oil by Tk 20 per litre.
Regarding the high prices of essential commodities due to increased transportation cost across the country, Mr Tipu Munshi said, "This is not the area of the Ministry of Commerce.
Rather, the ministry concerned (Ministry of Road Transport and Bridges) will take necessary initiatives in this regard."
Defending the recent hike in fuel oil prices by the government, he noted that the fuel oil prices were adjusted here considering their prices in the neighbouring countries.
Even after the recent price hike, diesel was selling in the country at a loss of Tk 5.0 per litre.
The local edible oil refiners increased the price of pet-bottled soybean oil by Tk 38 a litre to Tk 198 a litre in the first week of May.
The price was further increased to Tk 205 a litre in June.
However, the soybean oil price was reduced to Tk 199 a litre in the last week of June, as the government forced the refines to re-set the price following its gradual price reduction in the global market.
As the declining trend continued, the government again reviewed the price at Tk 185 a litre on July 16.
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