Oil crisis will resolve in next few days: Commerce Minister
Published: 09:03 PM, 12 May 2022 Updated: 09:05 PM, 12 May 2022
Commerce Minister Tipu Munshi; File Photo
Commerce Minister Tipu Munshi today said If oil prices fall in the international market, it will affect our market as well. The price of oil will then go down. Besides, the current crisis of lack of oil in the market will be resolved in the next few days.
There were weekends on May 6 and 7 after the new prices were fixed on May 5. As a result, it took time for the traders to distribute the goods after making the payment. Apart from this, “some unscrupulous traders hid some oil at the previous prices”, they were not selling at that time, as a result, the crisis took place. We are taking steps, hopefully, in two-three days the oil market will be normal, the minister said.
Commerce Minister Tipu Munshi said these while speaking to reporters after a function at a hotel in the capital on Thursday.
Asked about the demand of traders to stop the campaign of the Directorate of National Consumer Rights Protection (DNCRP), the Commerce Minister said, “We will continue the campaign in the market till they start supplying properly.”
Asked when the government would be able to import oil, the minister said we are working on everything. We are hopeful that we will be able to import oil through TCB from June.
“FBCCI has demanded the withdrawal of all tariffs on oil imports” — regarding this, the minister said “National Board of Revenue” is the office to reduce taxes on everything. We can only give letters. In terms of our letter, they have reduced it by 10 percent. Now VAT is 5 percent. We will write a letter to reduce it.
“We will continue what we have given to one-crore families. If our traders do what they regularly import, then that shouldn’t be a problem. We have increased the price by Tk 38. But we did not do it in the month of Ramadan thinking about the people. The FBCCI said to look at the price for 15 consecutive days,” he added.
The Commerce Minister said we are selling oil, at the moment, from India at a reduced price of Tk 13-14. We are selling from Pakistan for less than Tk 36. Nepal’s price is the same. If it does not decrease in the international market, it will not be possible for us to reduce. Our dependence is still 90 percent on foreign countries.