Minister blames rise in cooking oil prices on dollar

Commerce Minister GM Quader yesterday held the dollar price hike responsible for a sudden rise in the price of edible oil and said price fluctuation is a common phenomenon.
“Fluctuation in the prices of essentials is a common phenomenon,” he said adding the higher prices of essentials are due to the depreciation of the taka against the dollar by 10 percent.
His comments came as a clarification of the recent hike in the prices of edible oil, on the sidelines of a function at Dhaka Chamber of Commerce and Industry (DCCI).
Quader launched a DCCI website (www.dhakachamber.com) at the function chaired by DCCI President Asif Ibrahim. Former DCCI president Benjir Ahmed and senior vice-president ATM Nurul Kabir also spoke.
AK Azad, president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Monday told reporters that loose edible oil is being sold between Tk 120 and Tk 125 a litre although there is an adequate supply of the commodity.
Quader said price fluctuation is not an abnormal phenomenon as it is happening in many countries across the globe. “You cannot forecast when prices of essentials will go up or down,” he said.
There are many factors behind the price escalation, he said.
But, he said, the commerce ministry is calculating in detail all information with regard to import cost and profit margin. “We are working to fix the reasonable price of edible oil.”
The government would do everything to keep the prices of essentials within the reach of the common people, he said. “We will let the media know once the steps are taken towards that direction."