The ministry of commerce on Wednesday made an upward revision of soya bean oil price to Tk 109 per litre and fixed sugar price at Tk 65 per kg about two weeks ahead of Ramadan
The government had earlier set soya bean oil price thrice but retailers continued to sell oil at much higher prices while the government took no action against the errant traders.
A commerce ministry meeting, headed by Bangladesh Tariff Commission chairman Mujibur Rahman set soya bean oil price at 109 per litre increasing from Tk 103 per litre set in December last year.
The ministry for the first time also set sugar price at Tk 65 per kilogram.
Leaders of oil and sugar refiners and the senior government officials were present in the meeting.
The newly set prices for sugar and soya bean oil came into effect from Wednesday.
The meeting also set the maximum retail price of palm oil at Tk 99 per litre.
The meeting, however, did not set prices of bottled soya bean and palm oils.
Although the government set the new price for sugar at Tk 65 per kg, sugar was retailed at Tk 72 to Tk 74 per kg at the retail markets in the capital while the price of non packaged soya bean oil is around Tk 116-Tk 118 per litre.
Earlier, the price of bottled oil was set at highest 15 percent more than that of the unpacked ones.
Retailers on Wednesday claimed that they did not get any soybean oil at the new rate from the refineries.
Commerce minister Faruk Khan, meanwhile, claimed that the government has taken initiative to control the price hike of essential commodities including sugar and edible oil in coming Ramadan.
Speaking at the inauguration ceremony of 12th Textech Int'l Expo 2011 on Wednesday at Bangabandhu International Conference Centre, the minister said a number of subsidies have been given on essential commodities so that the consumers can buy them at fair price.
Besides, an initiative has been taken to sell essential commodities at the market through Trading Corporation of Bangladesh across the country.
Commerce minister, however, admitted that prices of some commodities have increased.
He said as adverse weather and international price hike affected our local economy and pushed up prices in the local market.
Faruk Khan said that market monitoring will be more forceful in the light of High Court order as well as subsidy provided on essential commodities.
Source : New Age
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