Soybean, palm oil prices fixed at Tk 73, Tk 59 per kg
Tuesday, 21 April 2009
The prices of soybean and palm oils have been fixed at Tk 73 and Tk 59 per kg respectively at mill gates, as the government and Edible Oil Refiners' Association (EORA) have agreed to keep the prices of edible oil at a logical level, reports UNB.
Commerce Minister Lt Col (retd) Faruk Khan and EORA leaders came up with the decision after a five-hour meeting at the ministry Monday.
Representatives from the National Board of Revenue (NBR), Customs House and different government bodies were, among others, present at the meeting.
The Commerce Minister hurriedly called the meeting following a sudden rise in the edible oil price in the last one week.
Faruk Khan expressed the hope that the edible oil price would come down again following the latest decision. "We're monitoring both the local and international markets, and we've a plan to import edible oil through the Trading Corporation of Bangladesh (TCB) at the shortest possible time," the Commerce Minister said.
He asked the importers to increase the volume of oil import to mitigate the crisis.
Earlier, the EORA leaders assured the government of supplying oil at a fixed price at the release point of each mill and the government will monitor the entire market.
EORA President Abdur Rouf Chowdhury said the discussion between the government and them was successful as they agreed that the prices of edible oil should not cross the fixed ones.
"However, the prices of edible oil on the global market are on the uptrend, and we hope it'll come down to a stable position within the next 45 days," he said adding that the current stock is enough to address the demand in the next one month.
"We'll review the prices following the further import of oil," he said.
Commerce Minister Lt Col (retd) Faruk Khan and EORA leaders came up with the decision after a five-hour meeting at the ministry Monday.
Representatives from the National Board of Revenue (NBR), Customs House and different government bodies were, among others, present at the meeting.
The Commerce Minister hurriedly called the meeting following a sudden rise in the edible oil price in the last one week.
Faruk Khan expressed the hope that the edible oil price would come down again following the latest decision. "We're monitoring both the local and international markets, and we've a plan to import edible oil through the Trading Corporation of Bangladesh (TCB) at the shortest possible time," the Commerce Minister said.
He asked the importers to increase the volume of oil import to mitigate the crisis.
Earlier, the EORA leaders assured the government of supplying oil at a fixed price at the release point of each mill and the government will monitor the entire market.
EORA President Abdur Rouf Chowdhury said the discussion between the government and them was successful as they agreed that the prices of edible oil should not cross the fixed ones.
"However, the prices of edible oil on the global market are on the uptrend, and we hope it'll come down to a stable position within the next 45 days," he said adding that the current stock is enough to address the demand in the next one month.
"We'll review the prices following the further import of oil," he said.