Commerce Adviser Sk Bashir Uddin said the government has not approved any increase in retail prices of edible oil and dismissed a recent press statement from the refiners’ association as lacking legal standing. 

He made the remarks to reporters in Dhaka on Tuesday (October 14). 

Responding to questions about reports that soybean and palm oil prices would rise, the adviser said the Ministry of Commerce has taken no decision to raise prices and that any adjustment must follow a formula used by the Bangladesh Trade and Tariff Commission (BTTC). 

He added that the methodology—introduced years ago—is under independent review by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB); a draft from ICMAB has been received, while ICAB’s analysis is pending. 

The adviser urged media outlets to avoid creating unnecessary alarm, saying there is “no scope” for a price hike “in the meantime.” 

He stressed that the government will take a “practical” decision after completing the reviews and that market monitoring would be intensified to prevent supply disruptions.

Addressing a press note issued by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA), the adviser said the group has no authority to announce price changes without government recognition. 

He rejected claims by some importers that the Commerce Ministry lacks the mandate to set prices, noting that oil is among the select essentials whose prices the government regulates in consultation with industry. 

Asked what would happen if prices rise “after today,” the adviser replied that an increase would not be valid without official approval. 

He also said proposals from refiners—citing costs and global trends—will be evaluated against current international benchmarks and domestic supply conditions before any decision is made. Recent government practice has been to set or cap maximum retail prices through meetings with traders and refiners, particularly for bottled soybean and palm oil. 

SMS/