Govt to strengthen monitoring to control prices of essential goods: Tipu Munshi

Commerce Minister Tipu Munshi today said the government will strengthen monitoring to control prices of essentials, including edible oil, so that middlemen cannot reap profits illegally.

He also said that a committee of the commerce ministry is working to ensure fair price of imported products in the local market.

The minister said this at a briefing at the Commerce Ministry's conference room after a meeting with edible oil businesspersons.

Referring to the price hike of edible oil in the local market, Tipu said, "The price of edible oil in the international market has increased by 70 percent. Around 90 percent of the local demand of edible oil is being met by imports. As a result, the price of edible oil in the local market witnessed ups and downs in consistence with the price in international market."

He said the government is taking necessary steps so that the prices of products are fixed in the local market in consistence with the international market.