Edible oil is likely to become cheaper ahead of the festive season

Edible oil prices may drop during the festive season. Efforts are being made by the government to reduce oil prices. The food secretary has called a meeting with the edible oil companies on Thursday to review the prices of edible oil. The government can ask companies to reduce prices by up to Rs 10. Common people will benefit from this. Because oil prices have been stable for months. However, the rate has been decreasing for some days. But, the impact of shortages will be more specific on festivals. If the government succeeds in reducing the price of edible oil, the common man will get a big relief during the festive season. For this, the government is going to review the prices of edible oil. This issue has also been raised in the Parliament and the government has had to answer on inflation. The opposition has been continuously raising this issue in the rainy session of the Parliament and the functioning of the Parliament has also been disrupted for many days due to the issue of inflation. After the meeting with the food secretary on Thursday, it is said that edible oil may become cheaper by around Rs 8-10.

Preparations are already underway to lower oil prices. The government has already asked companies to cut prices. Therefore, mustard oil sold at Rs 200 per liter has reached Rs 160-170. In the last month, the companies have reduced the prices by Rs 20 to 25. Its effect is also visible in the retail market. Along with this, the price of edible oil has also fallen in the international market, and its benefits are slowly being reflected in the domestic market. Edible oil has fallen by 50 per cent from its peak in the overseas market.