No Edible Oil Price Hike Expected: Commerce Minister

File photo of bottled soybean oil at a grocery store.

Commerce Minister Khandaker Abdul Muktadir on Sunday said there is no shortage of edible oil in Bangladesh and assured consumers that prices will not increase.

Speaking to reporters after a meeting at the Secretariat in Dhaka, the minister said the government reviewed the overall supply situation with importers and refinery owners following reports of shortages and slightly higher prices in some areas.

He said the meeting found that the market currently has an adequate supply of edible oil. According to him, panic buying by some consumers could create temporary pressure on supply in certain places and unnecessarily complicate the situation.

The minister noted that in recent days some reports mentioned oil being sold at Tk2 higher per litre in a few markets. However, he said such incidents appear to be isolated.

Sharing his own observation during a recent market visit in the capital, Muktadir said several roadside shops had sufficient stocks of edible oil and were selling bottled products at the government-fixed price.

Inside the market, however, he found a shop with limited stock attempting to sell oil at Tk2 to Tk3 more per litre.

The minister urged consumers not to buy products excessively out of panic, saying the commodity is available in the market. He warned that unnecessary competition among buyers could give dishonest traders an opportunity to exploit the situation.

He also cautioned that the government would take action against any irregularities in the edible oil market.