No immediate hike in edible oil prices: Commerce Minister

The government will take a final and rational decision on edible oil prices only after thoroughly reviewing the international market situation and assessing its actual impact on the domestic market, Commerce Minister Khandaker Abdul Muktadir said on Wednesday.

He made the remarks while responding to questions from journalists after inaugurating riverbank protection work at Kanishail on the right bank of the Surma River in Sylhet Sadar upazila. Kamal Hossain, Public Relations Officer of the Commerce Minister, sent a press release to the media in this regard.

The project is being implemented under the Surma-Kushiyara River Basin Development and Flood and Integrated Water Resources Management programme.

The minister said edible oil prices would not be increased before a proper assessment of the situation.

“Although traders have demanded an increase in edible oil prices, the government will take a decision after carefully examining all relevant issues,” he said.

He added that the government was examining the actual prices at the production and import stages and assessing their impact on the overall domestic market before making any decision.

“We will review the international market situation, the actual cost at source and the impact on the domestic market before taking an appropriate decision,” Muktadir said.

Asked whether the country’s overall law-and-order situation could hamper investment, he said the government was closely monitoring the situation to ensure that it did not adversely affect domestic or foreign investment.