Commerce Minister Tipu Munshi on Tuesday hinted that the price of edible oil might be lowered. "The price of edible oil in the international market has declined. If the price of the dollar does not rise and goes lower, then it will have a positive impact on the market," Munshi said The commerce minister was speaking after a meeting held at his ministry on Tuesday regarding prices of daily necessities and market conditions. The Bangladesh Trade and Tariff Commission (BTTC) will hold a meeting soon on this matter, he added. Read:Govt to soon fix prices of 9 daily essentials "We have increased the price of edible oil several times and reduced it three times so far. You will see that in soybeans, price increased by Tk 6-7, and palm oil price decreased by Tk7." "As we import more palm oil than soybean, the overall impact will be favourable," he hoped. "The good news is that palm oil prices are decreasing and soybean prices are also on the path of decline. New prices will be fixed after assessing all prices in the meeting to be held soon," said Munshi. Earlier on Monday, the government lowered fuel oil prices by Tk5 per litre, 23 days after raising them by between 42-52 percent.

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 “We have seen that the prices of edible oil are declining in the international market and Indonesia has also withdrawn its ban on exporting edible oil.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. Also read:Dealers, retailers betrayed me on edible oil price: Commerce Minister The minister said these while 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.

The National Committee on Daily Essential Commodity Marketing and Distribution has re-fixed the prices of edible oil, said Commerce Minister Tipu Munshi on Wednesday.