SEA members cut prices for edible oils
Members of the Solvent Extractors’ Association of India (SEA) have decided to reduce the prices of edible oils from 3,000 to 5,000 yen per tonne with the Diwali festivities in mind.
SEA President Atul Chaturvedi said in a statement that although SEA members are struggling with high duty stocks, they are meeting consumer needs and driving prices down. “Our members are also aligned with the proactive decisions of the government and have decided to further reduce the prices of edible oils from 3,000 to 5,000 per tonne keeping in mind the Diwali festivities,” he said.
Reduction of duties
In recent months, edible oil prices had skyrocketed and showed no signs of moderating. In an effort to comfort consumers during the festive seasons, the government significantly reduced import duties during the second week of October. This reduction in tariffs has helped control out of control prices and is now reflected in domestic wholesale prices, he said.
The price of palmolein oil, which was 127 yen per kg on October 10, fell to 119 yen per liter on October 30. The price of refined soybean oil fell from 134 yen per liter on October 30 to 125 yen per liter. October 10. In the case of refined sunflower oil, the price fell to 128 per liter on October 30 from 142 per liter on October 10.
Also Read: Edible Oils: Government Raises Tariff Value Again
He said it’s heartwarming to note that the domestic soybean and peanut crops are rebounding this year. The soybean harvest may be closer to 120 lakh tonnes and the peanut harvest may be around 80 lakh tonnes. Harvesting and marketing are in full swing, putting pressure on domestic prices for oilseeds and petroleum. Both are bumper and auspicious crops for consumers and will go a long way in reducing the dependence on imports which has reached nearly 65 percent of India’s consumption.
Besides a good kharif oilseed crop, reports of mustard plantings are also encouraging. The number of plantings could reach an all time high and it should come as no surprise if the magic number of 120 tonnes lakh is reached if nothing unforeseen happens until harvest time, he said.
All of these developments along with the proactive actions taken by the government are sure to bring help to our consumers during the holiday and wedding season that follows, he said.