Tue, 28 June 2022
The Daily Ittefaq

Edible oil price may decrease: Tipu Munshi

Update : 02 Jun 2022, 14:59

Commerce Minister Tipu Munshi has said the price of edible oil may decrease in the country as the prices in the international market have started to fall.

He has expressed hope that the price of edible oil will come down in the domestic market as well.

The minister was speaking at a press briefing at the Commerce Ministry's conference room 'Tea Day 2022' on Thursday.  

Asked if the government would review (adjust) oil prices in a situation where oil prices are falling in the international market and Indonesia has lifted its export ban, the minister replied, "We will reassess in a month or two. We will review all the data for the month of May within 5-6 days. '

He said that oil prices have started to fall now in the international market and Indonesia has also lifted its export ban on palm oil. 

"Prices have come down today," he said, adding that today's international price will be effected in the country's market after one to one and a half months.

Tipu Munshi said that the price of palm oil has come down. It has been noted that the price of soybean is also declining. The new price will be fixed at a meeting which will be held in the next 6-7 days. 

 

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