The importers and wholesalers agreed to keep prices of edible oil stable until March 9, as a meeting between the government and the traders yesterday fixed the selling rates to contain an overheating market.
As per agreement, the maximum retail price of soya bean oil has been fixed at Tk 106 per kilogram while the maximum retail price of palm oil at Tk 99 per kg.
According to the decision of the meeting, held at the commerce ministry with Adviser Hossain Zillur Rahman in the chair, the mill-gate price of soya bean oil has been fixed at Tk 103.50 and palm oil at Tk 96.50 per kg.
Vice-president of Bangladesh Vegetable Oil Refiners Association and City Group Chairman Fazlur Rahman announced the mill-gate rates while wholesalers' Association General Secretary Abul Hashem set the retail prices.
The City Group chairman said the import prices of Soya bean and palm oils are Tk 103 and Tk 96.
The traders said they will sit with the commerce adviser on March 9 for a review of the prices.
Bangladesh Bank deputy governor, NBR chairman, BDR director general and other senior officials of different government agencies were present at the meeting.
Commerce Adviser Hossain Zillur said the government has decided to impose a "lock-in" strategy on the edible oil market to keep the prices stable.
"We have discussed with the traders and want to set a negotiated price of edible oil," he said, adding that international edible market is so much volatile.
In this context, he mentioned that in neighbouring India per-kg soya bean oil now sells at a price equivalent to Bangladeshi Tk 120.68.
He said a high-powered institutional market-monitoring committee will be formed, headed by him, with members drawn from Bangladesh Bank, NBR, BDR, and representatives of importers and wholesalers' associations.
"The government has made effort to keep the prices of four food items stable on priority basis," he told the meeting. The items are rice, pulses, edible oil and wheat.