Increasing Oil Prices to Lower Other Product Costs- Commerce Advisor Sheikh Bashir Uddin

Commerce Advisor Sheikh Bashir Uddin addressed the increase in soybean oil prices, stating, "The Ministry of Commerce's role is to manage the supply in response to demand and shortages. This is why we recently raised the price of soybean oil. Although it was difficult for ordinary buyers, it was necessary given the circumstances. If we hadn't taken this step, there would have been a major crisis in the market, with shortages worsening. Therefore, we are now considering lowering the price of another product to balance things out." He made these comments while delivering his speech as the chief guest at the 'ERF-Pran Media Award-2024' presentation ceremony held at the ERF auditorium on Tuesday (December 10). Sheikh Bashir Uddin also addressed ongoing concerns about market syndicates, saying, "There are a few producers or importers controlling the oil and sugar markets. Among them, the largest supplier has fled the country, which affected a large portion of the market. Despite this, consumers didn't feel the shortage as much, thanks to our efforts to maintain supply. We are working tirelessly to manage this situation." The Commerce Advisor expressed optimism that prices will remain stable during the upcoming Ramadan, saying, "We expect the food market to remain stable or even see a decrease in prices during Ramadan. We are confident that the supply of essential items, including dates, chickpeas, and pulses, will remain normal, and we are well-prepared for this." He acknowledged some issues with potato supply, stating, "We accept the challenges faced this year and are already planning for next year. We are focusing on increasing production and creating alternative markets." The advisor also mentioned temporary problems with certain products imported from India, noting that efforts are underway to resolve these issues.