Govt asks companies to cut edible oils price by up to ₹10 per litre
The government has instructed edible oil manufacturers to cut the maximum retail price (MRP) of imported cooking oils by ₹10 per litre within a week, citing a 10% drop in global prices. Major companies have agreed to reduce MRPs of oils like palm, soybean, and sunflower, ensuring uniform pricing across regions. With over 60% of edible oil being imported, the move aims to ease retail inflation pressures. Current retail prices are ₹144.16/kg for palm oil and ₹185.77/kg for sunflower and soybean oils.
The government has directed edible oil manufacturers to further decrease the maximum retail price (MRP) of imported cooking oils by up to ₹10 per litre within a week, reported news agency PTI, quoting food secretary Sudhanshu Pandey.
This comes after a meeting of the food ministry with edible oil industry bodies and manufacturers to discuss a reduction in the retail prices of cooking oils amid a fall in global prices.
“We made a detailed presentation and told them that global prices have declined by 10% in last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP,” said Pandey.
Further, he informed that major edible oil makers have promised to reduce the MRP by up to ₹10 per litre by next week in all imported edible oils like palm oil, soybean and sunflower oil.
Pandey said once the prices of these edible oils are reduced, the rates of other cooking oils will also get reduced.
Besides this, the Secretary asked the manufacturers to maintain a uniform MRP of the same brands of cooking oils across the country as currently there is a difference of ₹3-5 per litre in different zones.
“At present, there is ₹3-5 per litre difference in MRP of same brands sold in different zones. When transportation and other costs are already factored in the MRP, there should not be a difference in MRP,” he said, adding that the companies have agreed on this issue.
As India imports more than 60 per cent of its edible oil requirement, retail prices came under pressure in the last few months taking cues from the global market. However, there has been a correction, resulting fall in global prices.
Edible oil makers had cut prices by up to ₹10-15 per litre last month and prior to that had also reduced the MRP taking cues from the global market.
Pandey had said then that falling edible oil prices will help in cooling the inflation as well.
On July 6, all India average retail price of palm oil was ₹144.16 per kg, sunflower oil at ₹185.77 per kg, soyabean oil at ₹185.77 per kg, mustard oil at ₹177.37 per kg and groundnut oil at ₹187.93 per kg, according to the consumer affairs ministry data.
Source Link : https://www.livemint.com/news/india/govt-asks-companies-to-cut-edible-oils-price-by-up-to-rs-10-per-litre-11657115715616.html
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