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

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Commerce Minister Khandaker Abdul Muktadir said the government has no immediate plan to increase edible oil prices and expects adequate supplies of essential commodities ahead of Ramadan.

He made the remarks while speaking to journalists before a meeting with importers and traders at the Ministry of Commerce in Dhaka on Wednesday.

The minister said the government did not anticipate shortages of essential commodities during Ramadan, adding that supplies already in the import pipeline were sufficient to help maintain market stability before, during and after the fasting month.

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

Muktadir said the government had assessed supplies of import-dependent commodities, including edible oil, chickpeas, lentils and sugar, against expected Ramadan demand.

He noted that international commodity prices and shipping costs could influence import expenses and domestic market prices.

Asked whether edible oil prices would be increased following a proposal from traders, the minister said no such decision was currently planned.

He also acknowledged a slight rise in international chickpea prices, saying discussions were ongoing with importers to address the issue and ensure uninterrupted supplies.

Regarding difficulties in opening letters of credit (LCs), Muktadir said traders had not reported any major problems so far.

He added that if importers faced difficulties with LC margins or other banking requirements, the government would consult Bangladesh Bank and take necessary steps to resolve them.