Rice prices would be tolerable within next two weeks

Commerce Adviser Sk Bashir Uddin expressed the hope that prices of rice would be tolerable within the next two weeks across the country.

"The prices of rice have been on the rise for some time. Boro rice will hit the market within the next two weeks. Basically, fine rice such as Miniket or Nazir comes from Boro rice," he said replying to a question at a meeting with local refiners and edible oil traders held at the secretariat on Tuesday.

Despite the government efforts to stabilise the market, the prices of all varieties of rice have increased. At the meeting, the adviser announced new prices of edible oil.

He said that there has been a rise in the price of soybean oil in the domestic market for reducing the government's subsidy and as per the international market prices. However, this price rise will stay for a short time.

The government has so far provided around Tk 5.50 billion in revenue relief to the edible oil sector. In the last few months leading up to Ramadan, approximately Tk 2.0 billion in revenue relief was granted. However, considering the cost of running the government, there are limitations to continuing such support.

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