Edible oil prices have declined. This has come as a great relief for the common man. Edible oil prices have come down due to the tax cuts taken by the central government to alleviate the plight of the people affected by the rising oil prices. Apart from this, the government had also taken some important decisions to increase domestic supply and curb hoarding. The prices of eight types of edible oils in the country have come down this time as compared to last week.
According to the data released by the Center, prices of groundnut oil, mustard oil, vegetable oil, sunflower, palm oil, coconut oil and sesame oil declined on September 14. On September 14, palm oil fell by 2.50 per cent to Rs 12,349 per tonne. A week ago, the same rate was Rs 12,666.
Sesame oil prices fell by 2.08 per cent. Coconut oil became cheaper by 1.72 per cent. Sunflower oil was at Rs 16,176 per tonne before September 14. It is now down 1.30 per cent at Rs 15,965 per tonne. The fall in wholesale oil prices will be felt in the retail market as well. Therefore, the general public will get great relief during the festival season.