Edible Oil Price Cut: Modi govt orders oil companies to cut prices up to Rs 20 per ltr

With the increase in the price of domestic gas cylinders, the general public will now get a big good news. A meeting of edible oil companies held by the food ministry on Wednesday has paved the way for cheaper edible oil. The meeting was attended by all the oil companies. Measures to further reduce the price of edible oil were discussed at this time. 
The companies were instructed by the government to make changes in the MRP. According to the Department of Food and Public Distribution, further cuts in rates are likely in the coming months. In the current scenario, the government estimates a reduction of Rs 20 per liter. In a meeting convened by the government, some oil companies have agreed to further reduce rates. Prices in the domestic market are also expected to fall after the fall in international oil prices. The government has also asked oil companies to reflect lower prices in the MRP. Companies have been assured to take immediate steps for this. Union Food Secretary Sudhanshu Pandey was also present at the meeting.

Crude oil prices have been falling in the international market for the past few days. In such a scenario, the government wants the benefits of the decline to reach the masses. Reducing oil prices by Rs 20 will be a great relief to the common man. Meanwhile, the government had earlier in the day announced that some countries had banned the export of edible oil. Prices have plummeted since the ban was lifted. On the other hand, soybean crop will also come in the market.