Commerce Adviser Sheikh Bashiruddin said the price of soybean oil had been increased as part of efforts to maintain a stable supply chain.
Addressing a gathering of economic journalists at the Economic Reporters Forum (ERF) on Tuesday (10 December), Sheikh Bashiruddin emphasised the need to increase export-oriented supply to stabilise the market.
He promised that the government would strive to keep prices under control during the upcoming Ramadan, maintaining a downward trend in market prices.
The commerce adviser acknowledged the government's failure to control the price of potatoes, stating that efforts were underway to prevent further issues.
He stressed the necessity of reforms in the agricultural sector, noting that not only was crop yield a concern, but broader reforms were required across the sector.
He also underlined the importance of institutional reforms to ensure greater accountability and efficiency.
Sheikh Bashiruddin further noted that significant institutional damage had occurred over the past 15 years, during which vast sums of money had been illegally siphoned off the country through corruption.
He explained that, acknowledging the harsh realities, the government had been forced to raise the price of oil by 8 taka to stabilise the supply chain.
Additionally, the commerce adviser revealed that 43 lakh family cards from the Trading Corporation of Bangladesh (TCB) had been cancelled due to irregularities.
The TCB, which distributes food assistance to 1 crore families, receives an annual subsidy of 4,500 crore taka from the government.
He pointed out that the organisation had been plagued by widespread irregularities in distributing 1 crore family cards. Following an audit, the number of valid cards was reduced to 57 lakh, with the rest cancelled to ensure that the subsidy is spent fairly and justly.
