Edible Oil Prices Likely To Come Down Further: Centre
Citing proactive and timely measures by the government, the centre has said that retail prices of edible oils are expected to decrease further amid the festival season.
The Ministry of Consumer Affairs, Food and Public Distribution in a statement said that there is a decline in edible oil prices this festive season compared to previous years.
In the year 2020, the increase in the edible oils prices was in the range of 7-12 per cent and in the year 2019, it was in the range of 3-8 per cent.
However, in the current year, this trend has reversed with the domestic prices starting to show a declining trend of 2-9 per cent in the month of August 2022.
In the last two months, India’s average domestic retail of refined Sunflower oil 1-litre pack had decreased to Rs 168 from Rs 187 and for refined Soyabean 1-litre pack from Rs 158 to Rs 150.
The ministry said that India’s average domestic retail of RBD Palmolein 1 litre pack has decreased to Rs 138 from Rs 121.
“The reduction in oil prices came as a result of the central government reducing the import duty on edible oils making them cheaper,” it added.
The industry has been asked to ensure that the full benefit of the reduced duty is passed on to the consumers.
The all-India retail prices of RBD Palmolein, refined Soyabean, Sunflower and Mustard oil decreased by 23 per cent, 12 per cent, 13 per cent and 8 per cent during the last 5 months.
All India wholesale prices of RBD Palmolein, refined Soyabean, Sunflower and Mustard oil decreased by 25 per cent, 13 per cent, 14 per cent and 9 per cent during the last 5 months.
“The government is closely monitoring the price situation of all major commodities in wake of geo-political scenarios including extreme weather conditions around the globe,” as per the ministry.
