TCB to import edible oil soon
Wednesday, 29 April 2009
FE Report
Trading Corporation of Bangladesh (TCB) is going to import edible oil soon and the government plans to arrange state-to-state deal to import the essential item to make the price of the commodity stable, said commerce minister Faruk Khan Tuesday.
"We have fixed the price of edible oil but it did not work. It increased sharply during the last few days," he said.
TCB has already floated tenders and more tenders would be floated, if necessary, the minister said.
Prices of edible oils and many other essentials have marked a fresh rise in the market at a time when many products in the world market are selling at throw-away rates amid a sweeping economic recession.
The minister at a meeting warned the leaders of Bangladesh Edible Oil Refiners' Association (BEORA) that the government would take action against unscrupulous traders.
"If the price of edible oil increases more than the fixed price, the government will take necessary steps against the traders," Mr Faruk said.
The government has fixed the price of soyabean oil at Tk 73 at mill gate and Tk 78 at retail level.
The market has stock of about 60,000 tonnes of edible oil and LCs for edible oil are being opened regularly for import, he said.
"So, the oil supply is sufficient to address the demand," he asserted.
BEORA president Abdur Rouf Chowdhury suggested that the government should import 25 per cent of the total demand for edible oil through TCB or under government-to-government deal.
Trading Corporation of Bangladesh (TCB) is going to import edible oil soon and the government plans to arrange state-to-state deal to import the essential item to make the price of the commodity stable, said commerce minister Faruk Khan Tuesday.
"We have fixed the price of edible oil but it did not work. It increased sharply during the last few days," he said.
TCB has already floated tenders and more tenders would be floated, if necessary, the minister said.
Prices of edible oils and many other essentials have marked a fresh rise in the market at a time when many products in the world market are selling at throw-away rates amid a sweeping economic recession.
The minister at a meeting warned the leaders of Bangladesh Edible Oil Refiners' Association (BEORA) that the government would take action against unscrupulous traders.
"If the price of edible oil increases more than the fixed price, the government will take necessary steps against the traders," Mr Faruk said.
The government has fixed the price of soyabean oil at Tk 73 at mill gate and Tk 78 at retail level.
The market has stock of about 60,000 tonnes of edible oil and LCs for edible oil are being opened regularly for import, he said.
"So, the oil supply is sufficient to address the demand," he asserted.
BEORA president Abdur Rouf Chowdhury suggested that the government should import 25 per cent of the total demand for edible oil through TCB or under government-to-government deal.