Edible oil prices may decline soon: Tipu Munshi
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
August 08, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, AUGUST 08, 2022
Edible oil prices may decline soon: Tipu Munshi

Bangladesh

TBS Report
02 June, 2022, 01:30 pm
Last modified: 02 June, 2022, 05:37 pm

Related News

  • Oil rises as Russian gas cut to Europe may encourage switching to crude
  • Oil jumps 2.5% as no immediate Saudi output boost expected
  • Brent holds above $100 in tussle between supply, recession fears
  • Cow rawhide price fixed at Tk47-52/sq ft in Dhaka
  • Edible oil price likely to drop in two days: Commerce secy

Edible oil prices may decline soon: Tipu Munshi

TBS Report
02 June, 2022, 01:30 pm
Last modified: 02 June, 2022, 05:37 pm
Representational image. Picture: Collected
Representational image. Picture: Collected

Commerce Minister Tipu Munshi has hinted that the price of edible oil might decrease in the country.

"The prices of raw materials of edible oil had gone up in the international market, which resulted in a price hike in the domestic market. Every time the price was fixed by government intervention, but that was not reflected in the market", said the minister at a press briefing held at the conference room of the commerce ministry on Thursday.

Now, oil prices have started to fall in the international market and Indonesia has also lifted its export ban on palm oil, he said. 

"We will assess [the market] for a month or two. We will review all data of May within five to seven days. As far as we know, oil prices in the international market have come down today. It will take one to one and a half months for today's prices to take effect in the country's market."

"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 after six-seven days", he said. 
Tipu Munshi said, "I don't think there is any possibility of further price hike. The price will decrease according to the new prices."
 

Top News

Commerce Minister Tipu Munshi / edible oil prices / Oil Price Hike

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • TBS file photo
    Now 99% Bangladesh products come under China’s duty-free offer
  • Photo: TBS
    Production loss feared as zone-wise industrial weekly closure mulled 
  • Representational image. File Photo: Minhaj Uddin/TBS
    LC settlement fell by $1.17b in July

MOST VIEWED

  • The number of intra-city buses in the capital decreased significantly since Saturday morning following the government's move to hike fuel prices. The photo shows an empty Farmgate, one of the busiest Dhaka intersections, on Saturday, 6 August, 2022. taken Photo: Rajib Dhar/TBS
    Public transport shortage grips commuters across Bangladesh after fuel price hike
  • Infographic: TBS
    Rail engines bought without feasibility study fail to ease locomotive crisis
  • Photo: TBS
    First Russian ship arrives at Mongla since start of Ukraine invasion
  • Represenatational image. Picture: Collected
    DNCC to launch smart parking for 500 vehicles in September
  • Photo: TBS
    Mongla port to auction off 115 cars
  • Prime Minister Sheikh Hasina. Sketch: TBS
    PM offers Nepal use Mongla, Chattogram seaports

Related News

  • Oil rises as Russian gas cut to Europe may encourage switching to crude
  • Oil jumps 2.5% as no immediate Saudi output boost expected
  • Brent holds above $100 in tussle between supply, recession fears
  • Cow rawhide price fixed at Tk47-52/sq ft in Dhaka
  • Edible oil price likely to drop in two days: Commerce secy

Features

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

Safa Shareef’s bridal make-up: Contemporary with a ‘deshi’ touch

19h | Mode
Infograph: TBS

Why a drastic fuel price hike is dangerous

1d | Panorama
A fuel price hike to fuel agony

A fuel price hike to fuel agony

1d | Panorama
Kamal Uddin Mazumder. Sketch: TBS

Rising foreign debt and balance of payments deficit: Does Bangladesh need to worry?

1d | Thoughts

More Videos from TBS

How Google Maps operates in Bangladesh

How Google Maps operates in Bangladesh

8h | Videos
Is BPC really in loss?

Is BPC really in loss?

10h | Videos
Reasons behind Putin-Erdogan's meeting in Sochi

Reasons behind Putin-Erdogan's meeting in Sochi

14h | Videos
Dr Jamaluddin Ahmed talks about recent fuel price hike

Dr Jamaluddin Ahmed talks about recent fuel price hike

14h | Videos

Most Read

1
Diesel price hiked by Tk34 per litre, Octane by Tk46
Energy

Diesel price hiked by Tk34 per litre, Octane by Tk46

2
Housing projects sprouting up by Dhaka-Mawa expressway
Real Estate

Housing projects sprouting up by Dhaka-Mawa expressway

3
July remittance hits two-year high
Economy

July remittance hits two-year high

4
Infographic: TBS
Banking

Dollar rate will be left to market after two months: Governor

5
Bangladesh to resume talks for Ukrainian wheat import
Economy

Bangladesh to resume talks for Ukrainian wheat import

6
A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. REUTERS/Issei Kato/File Photo
Energy

Summit proposes long-term LNG supply to Petrobangla

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net