Govt asks industry to reduce prices of edible oil amidst fall in global prices

Indian consumers can expect to pay less for their edible oils

The decline in the price of edible oil should be passed on to consumers expeditiously, said Sanjeev Chopra, Secretary, Department of Food and Public Distribution, Government of India, during a meeting with the leading industry representatives, held recently.

The international prices of imported edible oils are on a downward trend which gives a positive scenario in the edible oil sector in India. Representatives from Solvent Extraction Association of India (SEAI) and Indian Vegetable Oil Producers’ Association (IVPA) were present to discuss further reduction in the retail prices of cooking oils amidst a fall in the global prices.

The industry informed that the global prices of different edible oils have fallen by $200-250 per tonne in the last two months, but it takes time to reflect in the retail markets and the retail prices are expected to come down shortly.

The leading Edible Oil Associations were advised to take up the issue with their members immediately and ensure that the MRP of each oil be reduced in line with the decline in the international prices of edible oils with immediate effect. Price to distributors (PTD) by the manufacturers and refiners also needs to be reduced with immediate effect so that the price decline is not diluted in any way.

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