No edible oil price hike, no need for panic buying: Commerce Minister

Commerce Minister Khandakar Abdul Muktadir said there will be no increase in edible oil prices and there is no supply shortage in the market, urging consumers not to engage in panic buying.

He made the remarks while speaking to journalists afte a meeting with importers and refinery owners to review the overall supply of edible oil at Secretariat on Monday.

Muktadir said, “Panic buying could create temporary supply pressure in some areas, unnecessarily complicating the situation.”

He further said that media reports over the past few days claiming shortages or price hikes of two taka per litre prompted the review. Information collected from importers and refinery owners confirmed that the market has adequate stock.

“Supply in the market is sufficient. Any temporary shortage in some shops is due to consumers buying excessively out of fear,” he said.

He added that during visits to markets in the capital, large shops had adequate stock at the fixed price, while a few smaller shops tried to sell limited supplies at two to three taka above the prescribed rate.

The minister urged consumers to shop normally without panic, warning that unnecessary competition could give dishonest traders an opportunity to exploit the situation. He emphasized that there is no shortage of edible oil, fuel, or gas, and asked the public and media to avoid spreading misleading information.

Market monitoring will be strengthened, he added, with the Directorate of National Consumer Rights Protection under the Ministry of Commerce and local authorities taking action against any irregularities.

“Edible oil prices will not increase even by a single drop. Consumers can shop with confidence,” Minister Muktadir concluded.

National Board of Revenue Chairman Md. Abdur Rahman Khan and Commerce Ministry Secretary Mahbubur Rahman attended the meeting.

With inputs from UNB