No reason to worry about cooking oil, sugar: Minister

Tipu Munshi

Jehangir Hussain

There is no reason to worry about sugar and cooking oil, Commerce Minister Tipu Munshi said on Sunday.

“There is no reason to go for panic buying, we will buy the way we buy. There are enough stocks," he said.

Six industrial groups of the country have 3.2 lakh tonnes of cooking oil in their stocks. Besides, five other industrial groups have 2.25 lakh tonnes of sugar in their stocks.

And some 2.75 lakh  tonnes of cooking oil and 5.99 lakh tonnes of sugar are on their way to the country.

The Daily Observer obtained this information from the report presented at the sixth meeting of the Task Force on Review of Commodity Prices and Market Situation.

The meeting was held under the chairmanship of Commerce Minister Tipu Munshi in the meeting room of the Commerce Ministry.

The information about the stocks of cooking oil and sugar as well those on their way to Bangladesh was presented to the traders in the meeting.

City Group, Meghna Group, S Alam Group, TK Group, Bangladesh Edible Oil Limited and Bashundhara Group have 3.2 lakh 163 tonnes of cooking oil in their stocks.

Besides,  another 2.75 lakh tonnes of imported cooking oil  is on its way to Bangladesh.

On the other hand, City Group, Meghna Group, S Alam Group, Abdul Monem and Desh Bandhu Sugar Limited have 2.25 lakh.68 tonnes of sugar in their stocks. Apart from this, 5.99 lakh tonnes of sugar is on its way to the country.

Sources said that S Alam Group has the largest stocks of cooking oil and sugar. The group has 1.84 lakh tonnes of cooking oil and 86 thousand tonnes of sugar. Apart from this, 1.8 lakh tonnes of edible oil and 3.85 lakh tonnes of sugar are on their way home.

Meghna Group has 46,239 tonnes of edible oil. There are 22 thousand tonnes of edible oil in the pipeline. This industrial group has 50,000 tonnes of sugar in its stocks. And there are 60,500 tonnes of sugar in the pipeline.

Another industrial group City has 23,864 tonnes of edible oil and 66,865 tonnes of sugar. There are 32,000 tonnes of edible oil and 53,550 tonnes of sugar in the pipeline.

Besides, TK Group has 21,750 tonnes, Bangladesh Edible Oil has 23,941 tonnes and Bashundhara Group has 2,100 tonnes of edible oil. Apart from this, TK Group has 46,000 tonnes, Bangladesh Edible Oil has 32,845 tonnes and Bashundhara Group has 35,000 tonnes of edible oil in the pipeline.

Abdul Monem has 19,100 tonnes of sugar in stock and 60,000 tonnes of sugar in the pipeline. Deshbandhu Sugar Limited has 3,500 tonnes of sugar in stock and 40,000 tonnes in pipeline.

Meanwhile, after the meeting, when asked about the stocks and demand situation of edible oil and sugar, Commerce Minister Tipu Munshi said, "We have talked to the traders and they have stocked at least one and a half times more than what we need." They have it at hand and in the pipeline. As a result there will be no problem at all. They have enough of both oil and sugar."

He said, "Sugar has been exempted from duty. We have done many calculations and found that the price of sugar can be reduced by four and a half Rupees. They agreed with us. The benefit products that have been given duty exemption are yet to hit the market, it will take a few more days. They asked for some time. Hopefully the new price will be effective in the first week of Ramadan."

The Commerce Minister said, "The businessmen have said a thing on their own that they make a profit of Tk 5 to Tk 6 from the price they pay at the millgate and sell it at shops. It will continue. However, they will introduce truck sales at millgate prices in Dhaka as well as major cities on their own initiative."

He said, "There is enough sugar, people are afraid of not having sugar. Enough sugar is also in the pipelines. So there is nothing to worry about sugar. Traders will deliver sugar from Millgate to all parts of the country at a low rate of Tk 5. Traders are positive. We told them, we will start monitoring from tomorrow. Whether products have started to be exempted in the new tariff or not. If not then we will say within three days. They have to follow that."

Tipu Munshi said, "We want to say one thing in front of the nation, there is no reason for us to be afraid of. I also talked to the businessmen. There is no reason to increase the prices  of sugar and oil. There is no reason to get panicked. Don't panic buy. We will buy the way we buy. There are enough stocks.

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