"We promise that in the greater interest of the people we will not make any profit until the Ramadan," president of the Edible Oil Refiners and Importers Association MA Rouf Chowdhury told newsmen emerging from a meeting with BDR Director General Major General Shakil Ahmed and officials concerned of the paramilitary troops.

Rouf said his association will also monitor import situation and sales of edible oil at wholesalers level to ensure price stability and urged the media and the law enforcers to oversee price at retailers level.

The BDR chief said they will continue to hold meetings with chambers and business associations concerned to take decision on the prices of other essentials.

He said the paramilitary troops were monitoring the local and international prices and intended to make minor intervention in the markets just to facilitate the supply lines and competitiveness.

"We are not on the scene to affect your business as a competitor," he told the edible oil importers.

In the meeting, the BDR and the oil importers and refiners also fixed a price for soybean oil until June 15. During the period, the price of per kilogram loose oil will be Tk 70.50 at retailers level, while the five-litre bottled oil will be sold at Tk 369. Both sides will sit again on June 15 to review the price.

Oil importers told the meeting that compared to the last year's oil price on international market at $ 450 to $ 500 the price rose up to $ 850 because of a global deficit of production and massive import in advance by giant nations like India and China.

"There is no sign that the oil price will be reduced in the next one year... but we will try so that the people get the essential item at a fair price" the BDR chief told the reporters.