Modi government told the edible oil manufacturing companies – reduce the price immediately, stop the game of weight loss
After the fall in the prices of edible oil in the international market, the central government has instructed the edible oil manufacturing companies to reduce the price immediately. The government has instructed the companies to reduce the price by Rs 10 per liter within a week. Along with this, the government has also directed that the maximum retail price (MRP) of one brand of edible oil should be the same throughout the country. In view of the fall in the prices of edible oil globally, Food Secretary Sudhanshu Pandey held a meeting with the Edible Oil Associations and major Edible Oil Manufacturers. The Food Secretary said that when transportation and other costs are already included in the MRP of edible oil, then there should be no difference in the MRP. Next week the prices will come down by Rs 10, he said.
Stop the Weight Loss Game
In the meeting, the increasing complaints of consumers against the companies making edible oil were also discussed. Sudhanshu Pandey said that some companies pack edible oil at 15 degree temperature. At this temperature the oil expands and loses its weight.
Benefit of previous deduction not yet received
Last month, many edible oil companies had cut prices by Rs 10 to 15 per liter, but the oil with the reduced price has not reached the retail shopkeepers. SEA’s executive director BV Mehta said it will take some time to see its impact in the retail market.
Why did the price increase
India imports 60 per cent of its edible oil requirement. This year saw a sharp jump in edible oil prices due to Ukraine-Russia war as both countries export the bulk of the global edible oil requirements. On the other hand, Indonesia decided to ban exports on 28 April. This led to a rapid rise in prices in the country.
Price will drop rapidly
Traders say that soon the price of edible oils will be up to Rs 125 per liter. He says that due to the cheapness of edible oil, the prices of mixtures, biscuits, sweets, papads, soaps etc. made from them will also come down.
