Commerce Minister Tipu Munshi on Thursday said prices of edible oil may fall in Bangladesh in line with declining prices in the international market.
“We have seen that the prices of edible oil are declining in the international market and Indonesia has also withdrawn its ban on exporting edible oil. We will review the prices of oil within five to seven days and will fix new rate. It will take one and a half month time to come into effect,” he said.
The minister was speaking at a press briefing held at the conference room of the ministry.
The good news is that the price of palm oil has come down and the price of soybean oil has started to decline, he said.
Within the next six or seven days, the commerce ministry will review the data on edible oil import, supply and stock in May to revise the existing prices for the domestic market, the minister said.
The price of bottled edible oil stood at Tk200 per litre on Thursday, up 20% from Tk170 per litre a month ago, data from the Trading Corporation of Bangladesh showed.