The Ministry of Consumer Affairs, Food, and Public Distribution on Wednesday informed that edible oil prices in India are showing a declining trend across a wide array of oils.
As per the data from the Department of Consumer Affairs, over the past month, the prices of edible oils are now coming down. In some cases, the decline is by as much as nearly 20 per cent, as shown in prices in Mumbai.
The price of palm oil was Rs 142 per kilogram (kg) on May 7, now it came down to Rs 115 per kg, a drop of 19 per cent.
The price of sunflower oil was Rs 188 per kg on May 5, while now it came down to Rs 157 per kg, a drop of 16 per cent.
The price of soya oil was Rs 162 per kg on May 20 and now it came down to Rs 138 per kg in Mumbai, a drop of 15 per cent. In the case of mustard oil, the price was Rs 175 per kg on May 16, which has come down to Rs 157 per kg, a drop of nearly 10 per cent.
While the price of groundnut oil was Rs 190 per kg on May 14 and now it came down to Rs 174 per kg, a drop of 8 per cent. The price of vanaspati was Rs 154 per kg on May 2 and now it came down to Rs 141 per kg, a drop of 8 per cent.
According to a release by the Ministry of Consumer Affairs, Food & Public Distribution, the prices of edible oil prices are dependent on a complex set of factors which also include international prices, domestic production. As the gap between domestic consumption and production is high, India has to import a significant amount of edible oil. The government is working on a series of mid-and long-term measures to resolve the issue on a permanent basis.
The measures will contribute towards making India AtmaNirbhar in Edible Oils, which is a key ingredient in the cooking food in India.
( With inputs from ANI )
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