Edible oil becomes cheaper: the price of edible oil reduced by up to Rs 10 / liter in a month, the price will be further reduced in the next few months
Edible oil prices have fallen by Rs 8-10 per liter in the last one month. The cut in import duty was the main reason behind this. In the coming months, due to higher production of oilseeds in the country and bearish trend in the global markets, the prices of edible oils are likely to fall further by Rs 3-4 per liter. This information has been given by the industry body, Solvent Extractors Association (SEA).
SEA President Atul Chaturvedi said in a statement, “Indian consumers suffered last month due to high prices of all oils like palm, soya and sunflower in the international market. advised to reduce it.” Apart from this, the Center has also reduced the import duty on edible oils, he said.
Chaturvedi said, “We are happy to inform that due to several measures, the price of edible oil has come down by about Rs.8-10 per liter in the last 30 days.” SEA said its members have been taking prompt steps in the past to pass on the benefits of lower prices to consumers.
The SEA chairman said that its members have agreed to pass on the benefits of low oil costs to the consumers. We expect a further reduction of about Rs 3-4 per liter from our members in the near future. This should give relief to our consumers during the festive season.
With around 1.2 million tonnes of soybean crop and over 8 million tonnes of groundnut crop, Chaturvedi expressed hope that the prices of edible oils will now be under control. He said that there is such a high demand for mustard oil cakes that the supply situation has improved as farmers get good prices and they (farmers) have sown the highest ever area (about 77.62 lakh hectares). This figure is about 30 percent more than before and the availability of domestic mustard oil may increase by eight to 10 lakh tonnes in the coming year.
Chaturvedi said the global trend on edible oil prices is “almost bearish and we expect prices to continue to slide”.
