No edible oil price hike, no need for panic buying: Commerce Minister

 
Commerce Minister Khandakar Abdul Muktadir on Monday said there will be no increase in edible oil prices and there is no supply shortage in the market, urging consumers not to engage in panic buying.

"Panic buying could create temporary supply pressure in some areas, unnecessarily complicating the situation," he said while talking to reporters after a meeting with importers and refinery owners to review the overall supply of edible oil at Secretariat, according to UNB report. 

He said the meeting was held to review the situation following media reports over the past few days about an alleged shortage of edible oil in some areas and incidents of selling the product at Tk 2 higher per litre.

He also urged the consumers to refrain from buying excessively in panic.

Since products are available in the market, unnecessary competition allows unscrupulous traders to take advantage, he said.
Mentioning that there is adequate stock of edible oil in the market, the minister said, "We held the meeting to review the situation. We found that there is sufficient supply in the market. In some places, panic buying by consumers may temporarily exhaust stocks in a few shops."

Sharing his personal observation, Muktadir said in a market in the capital, large roadside shops had sufficient stock at fixed prices while a small shop inside the market was attempting to sell limited stock at two to three taka above the official rate per litre.

Responding to a question from journalists, he said there is no shortage of edible oil, fuel oil, or gas, urging media and public not to associate these products with "shortage," which could create confusion.

The minister added that market monitoring and supervision will be strengthened and called on everyone to refrain from spreading rumours or panic.