Commerce minister urges calm, says ‘adequate’ edible oil supply in market

He warns panic buying may allow unscrupulous traders to exploit

Commerce Minister Khandakar Abdul Muktadir has urged consumers not to panic, insisting there is an “adequate” supply of edible oil in the market.

Speaking to reporters after a meeting with edible oil suppliers at the commerce ministry on Sunday, the minister called on consumers to avoid unnecessary bulk buying.

“My request to everyone through you is, please do not rush into buying excessively out of panic. There is sufficient supply in the market,” he said.

“When a product is available, there is no need for competition. If people compete to buy more, dishonest traders may take advantage. So why create unnecessary panic and give them that opportunity?”

The minister acknowledged reports on shortages of specific brands like Rupchanda and Teer, while noting that brands such as Fresh and loose oils remained available.

“I also noticed a new brand in the market. There are arguments both for and against these,” he said.

“We met today to evaluate the overall situation,” he added.

When asked whether prices might increase, the minister declined to comment.

“Why are you trying to get me to say something in advance? We are reviewing the situation,” he said.

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association had proposed a price hike from Thursday and submitted a formal proposal to the ministry earlier.

However, the commerce ministry and the Bangladesh Trade and Tariff Commission reviewed the proposal and decided not to raise prices.

In recent days, authorities have also conducted drives in different parts of the country and fined traders for selling oil above the set price.