Edible oil prices decline by Rs 20, find out details

By Lokmat English Desk | Published: January 14, 2022 09:33 AM2022-01-14T09:33:01+5:302022-01-14T09:34:46+5:30

Retail prices of edible oils across the country are higher than in the world market a year ago. But ...

Edible oil prices decline by Rs 20, find out details | Edible oil prices decline by Rs 20, find out details

Edible oil prices decline by Rs 20, find out details

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Retail prices of edible oils across the country are higher than in the world market a year ago. But it has been declining since October 2021, the central government said. As per the trend of 167 Value Collection Centers, retail prices of edible oil in major retail markets across the country have come down by Rs 5-20 per kg. According to the Consumer Affairs Ministry, the 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 and sunflower oil Rs 162.4 per kg. Palm oil was at Rs 128.5 per kg.

According to the data, retail prices of groundnut and mustard oil have declined by Rs 1.50-3 per kg as compared to October 1, 2021, while soybean and sunflower oil prices have declined by Rs 7-8 per kg. Leading edible oil companies, including Adani Wilmer and Ruchi Industries, have slashed prices by Rs 15-20 per liter, according to the Consumer Affairs Ministry. Gemini Edibles and Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-Foil & Solvent, Vijay Solvex, Gokul Agro Resources and NK Proteins are some of the other companies which have reduced the prices of edible oil.

On behalf of the Ministry, despite the rise in prices in the international market, the active participation of the state governments in the central government has led to the fall in edible oil prices. Edible oil prices are higher than a year ago, but have been falling since October. Other measures, such as reduction of import duty and curb stockpiling, have helped bring down the domestic prices of all edible oils and brought relief to consumers. Due to its high dependence on edible oil imports, it is necessary to try to increase domestic production.

India, meanwhile, is one of the largest importers of edible oil, as its domestic production cannot meet domestic demand. About 56-60 per cent of the country's edible oil consumption is met through imports. According to the Ministry of Consumer Affairs, international edible oil prices are under pressure due to decline in global production and increase in export tax / levy from exporting countries. Therefore, domestic prices of edible oil depend on imported oil prices.

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