Govt moves to hold edible oil prices stable amid global uncertainty

Commerce Minister Khandaker Abdul Muktadir has assured that edible oil prices will remain unchanged for now, as the government moves to shield consumers from mounting global pressures.

Speaking to reporters after a high-level review meeting on the country's edible oil supply, the minister on Sunday said the government's foremost priority is to prevent any increase in the cost of essential commodities at a time of heightened public anxiety driven by global uncertainties, including the ongoing Middle East conflict.

"People are already concerned due to various international factors. Our first priority is to ensure that the price of any essential item does not rise. We are working towards that goal," he said.

Describing edible oil as a "sensitive commodity", Muktadir noted that even marginal price hikes could trigger widespread dissatisfaction among consumers. "We regularly review the supply, import situation and market dynamics of edible oil. At today's meeting, there was no decision or indication to increase prices," he added.

The meeting, held at the Ministry of Commerce, was attended by representatives of leading edible oil refining and supply companies, reflecting the urgency of maintaining market stability.

The development comes after the Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association formally proposed a price hike last week, citing rising costs. The proposal, submitted to the Ministry of Commerce, was subsequently reviewed by officials in coordination with the Bangladesh Trade and Tariff Commission.

Following scrutiny, authorities opted against approving any increase, signalling a firm stance on consumer protection despite pressure from industry players.

Officials said discussions are ongoing to explore alternative support measures for suppliers, allowing them to offset rising operational costs without passing the burden onto consumers. These may include fiscal or policy incentives, although no final decision has yet been reached.

The government's intervention underscores its broader effort to stabilise essential commodity markets amid volatile global conditions, with policymakers seeking a delicate balance between protecting consumers and sustaining domestic industries.