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the price of edible oil has gone up in the international market recently.
"Moreover, panic buying by some consumers before the Ramadan is also responsible for the price hike." he said.
He said Trading Corporation of Bangladesh's failure in importing edible oil on time is also to blame.
MA Rouf Chowdhury, president of Bangladesh Edible Oil Refiners' Association, said there is no valid reason for the sudden price hike of edible oil in the local market as the stock is more than adequate.
"The impact of price hike in the international market should not reflect in the local market immediately as the present stock of edible oil was imported earlierat lower prices.” he said.
However, leaders of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the importers and refiners of edible are sitting with Commerce Minister Faruk Khan at the federation's building today to find out ways to contain price hike of essential commodities.
Fakhrui Alam, country chief of Malaysian Palm Oil Council, said soya bean oil was selling at $885 per tonne at the international market yesterday. Its previous price was $650 per tonne. Palm oil was selling at $745 per tonne. Its previous price w as $650 per tonne.
"In the international market, prices of edible oil are heavily dependent on the exchange rate of dollars and prices of petroleum products." he added.
He said the annual consumption of edible oil in Bangladesh is 13 lakh tonnes and during Ramadan it needs an additional supply of 50.000
tonnes.
In the local wholesale market, sugar was selling at Tk 1.470 per maund while its price was Tk 1.400 per maund a week ago. traders said. In retail, sugar was selling for Tk 44-45 per kg. A week ago it was between Tk 40 andTk42perkg. they added.
Sugar was trading at $500 per tonne in the international market. Its previous price was $460 per tonne, said Abul Hashem, a sugar importer.
Meanwhile, in a meeting with major importers of essential commodities the commerce minister yesterday reiterated that the stock ofbasic commodities is adequate for the upcoming Ramadan.
The minister advised businessmen to make profit but not to be profiteers. He urged them not to sell palm oil for more than Tk 61.16 per kg. soya bean oil Tk 71.88 per kg and onions Tk 14.50 per kg in wholesale.