Following the intervention, the government claims that retail prices for edible oil have been falling since October 2021

Following the intervention, the government claims that retail prices for edible oil have been falling since October 2021

Groundnut oil was selling for Rs 180 per kg on Tuesday, mustard oil for Rs 184.59 per kg, soya oil for Rs 148.85 per kg, sunflower oil for 162.4 kg, and palm oil for Rs 128.5 per kg. The Centre stated on Tuesday that retail prices of edible oils in the country are higher than a year ago, in line with the worldwide market, although there is a downward tendency from October 2021 onwards. Retail prices of edible oils have dropped drastically in the range of Rs 5-20 per kg in the major retail marketplaces across the country, according to data from 167 price collection centers, it said.

“Despite international commodity prices being high, interventions made by the central government along with state governments’ pro-active involvement have led to a reduction in prices of edible oils. Edible oil prices are higher than a year-ago period but from October onwards there is a declining trend,” it said. The reduction in import duty and other steps like the imposition of stock limits to curb hoarding has helped cool domestic prices of all edible oils and granted much-required relief to the consumers, it added. The government said it is regularly interacting with the oil industry associations and leading market players and has convinced them to reduce the maximum retail price (MRP) which will translate into passing on the benefit of duty reduction to the end consumers. To reign in the continuous rise in the cooking oil prices for the past one year, import duty on crude palm oil (CPO), crude soyabean oil, and crude sunflower oil was reduced sharply.

On Tuesday, the all-India average retail price of groundnut oil was ruling at Rs 180 per kg, mustard oil at Rs 184.59 per kg, soya oil at Rs 148.85 per kg, sunflower oil at 162.4 per kg, and palm oil at Rs 128.5 per kg, according to data maintained by the consumer affairs ministry. However, when compared with the prices that prevailed on October 1, 2021, the retail prices of groundnut and mustard oils have declined by Rs 1.50-3 per kg, while prices of soya and sunflower oils have dropped by Rs 7-8 per kg now, the data showed. According to the ministry, major edible oil players, including Adani Wilmar and Ruchi Industries, have cut prices by Rs 15-20 per litre. The other players that have reduced the prices of edible oils are Gemini Edibles & Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-foils and Solvent, Vijay Solvex, Gokul Agro-Resources, and N K Proteins.

Besides, the government has also initiated certain long- and medium-term plans to attain self-sufficiency in edible oils. “The government is taking steps to improve the production of secondary edible oils, especially rice bran oil, to reduce the import dependence,” it added. Recently, a new centrally sponsored scheme National Mission on Edible Oils-Oil Palm (NMEO-OP) with a special focus on the northeastern region and the Andaman and Nicobar Islands has been launched. Due to the heavy dependence on imports for edible oils, it was important to make efforts for increasing the domestic production of edible oils in which increasing area and productivity of oil palm plays an important part, it said.

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