Edible oil prices cut by Rs 5 to 20 per kg
The price of edible oil has come down by Rs 5 to 20 per kg in the retail market. Big companies like Adani Wilmar and Ruchi Soya have reduced the prices by Rs 15 to 20 per kg, due to which the prices of edible oil have come down. Other companies that have reduced prices of edible oils are Gemini Edibles & Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-Foil & Solvent, Vijay Solvex, Gokul Agro Resources and NK Proteins. The Ministry of Consumer Affairs has claimed.
Government claims prices are falling
The government has said that the retail prices of edible oils across the country are higher than a year ago but there is a declining trend since October 2021. As per the trend of 167 price collection centres, the retail prices of edible oils have come down drastically by Rs 5-20 per kg in major retail markets across the country. According to consumer affairs ministry data, the all-India average retail price of groundnut oil on Tuesday was Rs 180 per kg, mustard oil Rs 184.59 per kg, soya oil Rs 148.85 per kg, sunflower oil Rs 162.4 per kg and palm oil. 128.5 per kg.
Government’s steps to reduce prices
The government has said that despite the high international prices, the intervention of the central and state governments has brought down the prices of edible oils. Edible oil prices are higher than a year ago period but have been coming down since October. Other steps such as reduction in import duty and curbing hoarding, imposition of stock limits have helped in bringing down the domestic prices of all edible oils which has brought relief to the consumers. Due to heavy dependence on import of edible oils, it is important to make efforts to increase domestic production.
Dependent on imports for consumption
India is one of the largest importers of edible oils as its domestic production is unable to meet its domestic demand. About 56-60 percent of the consumption of edible oils in the country is met through imports. According to the Ministry of Consumer Affairs, international prices of edible oils are under pressure due to reduction in global production and increase in export tax by exporting countries. The prices of edible oils in the country are fixed on the basis of the prices of imported oils.
