The government has no plan to raise edible oil prices before Ramadan, Commerce Minister Khandakar Abdul Muktadir said on Wednesday, adding that sufficient supplies of essential commodities are in the import pipeline to meet seasonal demand.
“There is no plan to increase edible oil prices at this moment,” he told journalists before a meeting with importers and traders at the Commerce Ministry in Dhaka.
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.
The minister said the government had reviewed the supply of import-dependent commodities, including edible oil, chickpeas, lentils and sugar, against projected demand during Ramadan.
“The volume of goods in our import pipeline is sufficient to keep the market stable. There will be no shortage of commodities during Ramadan or before or after it,” he said.
However, fluctuations in international commodity prices and shipping costs could affect import expenses and domestic prices, he added.
Noting that chickpea prices had risen slightly in the international market, Muktadir said discussions were underway with importers to ensure uninterrupted supplies and maintain market stability.
Asked whether businesses were facing difficulties opening letters of credit (LCs) for imports, he said no major obstacles had been reported so far.
If importers faced difficulties with LC margins or other banking procedures, the government would discuss the matter with Bangladesh Bank and take necessary steps, he added.
FTA talks with Malaysia
On expanding Bangladesh’s international trade, Muktadir said formal negotiations had begun on a proposed free trade agreement (FTA) with Malaysia.
The first round of talks began on Tuesday, with the government aiming to conclude the agreement by December 2027, he said.
Bangladesh is also discussing preferential trade cooperation with key partners, including the United Arab Emirates, Indonesia, Oman, New Zealand and the European Union.
The minister said retaining duty-free and preferential market access after Bangladesh graduates from the least developed country (LDC) category would be a major challenge.
FTAs could help Bangladesh maintain export competitiveness, expand markets for ready-made garments and other products, attract investment and increase bilateral trade, he added.