Follow global trend, cut edible oil prices: Govt
Following a decline in the prices of edible oils in the international market, the Union Government on Thursday asked the retailers to pass on the benefit to the consumers.
At a meeting with leading industry representatives here today, an official said, “The benefit of decline in the prices of edible oils should be passed on to consumers expeditiously.” Indian consumers could expect to pay less for edible oils in the coming days, he said.
The government had to intervene as domestic prices were not being reduced in line with the prices globally, which declined sharply over the past six months.
India imports 56% of its 24-25 MT annual edible oil consumption
Global prices down by Rs 16,000-20,000 per tonne in the past two months
No tangible change domestically, forcing govt to intervene
India imports about 56 per cent of its 24-25 MT annual edible oil consumption. The global prices of edible oils have fallen by Rs 16,000-20,000 per tonne over the past two months, but there was no tangible decline in domestic prices.
Meanwhile, Mother Dairy, which sells edible oils under the brand name Dhara, on Thursday reduced the prices by Rs 15-20 per litre across variants. The new stock with reduced MRP will hit the market by next week.
“While most of the brands have reduced prices in the past, the prevailing MRP is not in line with the current prices in the international market. It still seems to be on the higher side,” the food ministry said.
The Department of Food and Public Distribution is closely monitoring and reviewing the prices of edible oils and steps in whenever any intervention is required to ensure the affordability of edible oils.
