Edible oil prices will not be raised in the next 15 days but will be readjusted with the global market after a meeting with stakeholders, said Commerce Minister Tipu Munshi.

“This is how the oil prices need to be kept stable during Ramadan. Or else, traders will be discouraged to import it,” said the minister on Wednesday.

Tipu Munshi was talking to reporters at the Osmani Memorial Auditorium in the capital after the DCs Conference.

READ: No increase in edible oil price now, govt decides after meeting with traders

"We need 20 lakh tonnes of edible oil per year. But the country can supply only two lakh tonnes. As a huge quantity of oil has to be imported, any rise in the prices on the international market also affects the local market,” Tipu added.

The minister said now the price of edible oil on the international market has gone up to Tk 8000-10,000 per container from Tk 2,000-2,500, resulting in price hike here.  “So, the prices need to be readjusted one and a half or two months later.”

If the prices are not readjusted, the traders will not open LCs ahead of Ramadan which may cause a horrible situation during the holy month, he added.

About the tendency of traders not to open LCs, Salman F Rahman, Private Sector Industry and Investment Adviser to the Prime Minister, said, “If the traders don’t want to open LCS, the government can force them. They won’t import anything incurring losses. But we’ve to make sure they don’t make excessive profits,” he added.

The commerce minister said, “We’ve talked to them over the matter. We’ll sit on February 6/7 and adjust the edible oil prices comparing the international market price and its associated costs. We made a decision in this regard today.”

Tipu Munshi urged the DCs to play a stronger role in keeping the prices of essentials stable during the holy month of Ramadan.

READ: Edible oil to get costlier by Tk 7 per litre from Wednesday

They have been instructed to strengthen the market monitoring to keep the prices of key items at a tolerable level during the Ramadan.

“Ramadan is coming and we will fix the prices of some items and the DCs have been asked to monitor it strictly and take legal action,” the commerce minister added.