No plan to raise edible oil prices before Ramadan: Commerce minister

Commerce Minister Khandaker Abdul Muktadir on Wednesday said adequate supplies of essential commodities were in the import pipeline to meet demand during the upcoming holy month of Ramadan, ruling out any immediate plan to raise edible oil prices.

“There is no risk of a shortage of essential commodities in the market centring on Ramadan,” he told journalists ahead of a meeting with importers and traders at the Ministry of Commerce.

Commerce Secretary Sharif Uddin Ahmed Chowdhury, Bangladesh Trade and Tariff Commission Chairman Nasir-Ud-Doula, senior ministry officials, importers and business leaders attended the meeting.

Muktadir said the government had reviewed the supply of import-dependent commodities, including edible oil, chickpeas, lentils and sugar, against projected demand for Ramadan.

“Adequate quantities of these products are in the import pipeline to keep the market stable. There will be no shortage of commodities during Ramadan or in the periods before and after it,” he said.

He noted, however, that fluctuations in international commodity prices and shipping costs could affect import expenses and domestic prices.

Asked whether traders had proposed adjusting edible oil prices ahead of Ramadan, the minister reiterated that there was no immediate plan to increase them.

He acknowledged that chickpea prices had risen somewhat in the international market, adding that discussions were underway with importers on the matter.

The government was monitoring the situation to ensure uninterrupted supplies and market stability, he said.

Asked whether businesses were facing difficulties opening letters of credit (LCs) for imports, Muktadir said traders had not reported any major obstacles so far.

If importers faced difficulties with LC margins or other banking-related issues, the government would discuss them with Bangladesh Bank and take necessary measures, he added.