Retail prices of edible oils show a downward trend from October 2021: government

The Center said on Tuesday that retail prices for edible oils across the country were higher than a year ago, in line with the global market, but as of October 2021, there is a downward trend.

According to the trend of 167 price collection centers, the retail prices of edible oils have fallen quite significantly, in the range of 5 to 20 rupees per kg in the main retail markets of the country, he said. declared.

On Tuesday, the average retail price of peanut oil across India was Rs 180 per kg, mustard oil at Rs 184.59 per kg, soybean oil at Rs 148.85 Rs per kg, sunflower oil at 162.4 kg and palm oil at Rs 128.5 per kg. kg, according to data kept by the Ministry of Consumer Affairs.

However, compared to the prices prevailing on October 1, 2021, the retail prices of peanut and mustard oils have fallen by 1.50 to 3 Rs per kg, while the prices of soybean and sunflower oils have fallen. from 7 to 8 Rs per kg now. , the data showed.

According to the ministry, major edible oil players, including Adani Wilmar and Ruchi Industries, have reduced their prices by 15 to 20 rupees per liter.

Other players who 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 NK Proteins.

“Despite the high level of international commodity prices, central government interventions and the proactive participation of state governments have resulted in lower prices for edible oils. Prices for edible oils are higher than a year ago , but from October is a downward trend, ”he said.

The reduction in import duties and other measures such as the imposition of stock limits to curb hoarding has helped cool domestic prices of all edible oils and provided much needed relief to consumers, a. -he adds.

The government said it regularly interacts with oil industry associations and major market players and convinced them to lower the maximum retail price (MRP), which will result in the benefits of the reduction being transferred. customs duties to end consumers.

To curb the continued rise in edible oil prices over the past year, import duties on crude palm oil (CPO), crude soybean oil and crude sunflower oil have been sharply reduced.

In addition, the government has also initiated certain long and medium-term plans to achieve self-sufficiency in edible oils.

“The government is taking measures to improve the production of secondary edible oils, especially rice bran oil, in order to reduce dependence on imports,” he added.

Recently, a new centrally sponsored program, National Edible Oils and Palm Oil Mission (NMEO-OP) with special focus on the northeast region and the Andaman and Nicobar Islands, was launched.

Due to the heavy dependence on edible oil imports, it was important to make efforts to increase the domestic production of edible oils in which the increase in area and productivity of oil palm plays an important role, he said.

India is one of the biggest importers of edible oils because its domestic production is unable to meet its domestic demand. About 56 to 60 percent of the edible oils consumed in the country are met by imports.

International edible oil prices are under pressure due to a drop in global production and an increase in export taxes / levies by exporting countries. Therefore, the domestic prices of edible oils are dictated by the prices of imported oils, the ministry added.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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Felix J. Dixon