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Amid a sharp fall in global prices, Centre directs companies to slash edible oils price

By Ruchi Upadhyay 
Updated Date

New Delhi: In a major move by the Center to reduce inflation, the central government has ordered edible oil companies to cut the maximum retail price (MRP) of imported edible oil by up to Rs 10 per liter within a week. Along with this, companies have been told that the price of one brand of oil should be uniform across the country. Edible oil makers had last month cut prices by up to Rs 10-15 per liter and earlier also reduced MRP taking cues from the global market.

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India imports more than 60 per cent of its edible oil requirement. In such a situation, in line with the global market, retail prices have come under pressure in the last few months. The reason for this is that the prices of edible oils in the global market have come down significantly. Keeping in view the further fall in global prices, Food Secretary Sudhanshu Pandey convened a meeting of all Edible Oil Associations and major manufacturers to discuss the prevailing situation and pass on the benefits of falling global prices to consumers by reducing MRP. Went.

Sudhanshu Pandey said after the meeting, “We gave a detailed presentation and told them that the global prices have come down by 10 per cent in the last one week. The benefit of this should be passed on to the consumers. We have asked them to reduce the MRP.” ” He said major edible oil manufacturers have promised to reduce the MRP on all imported edible oils like palm oil, soybean and sunflower oil by Rs 10 per liter by next week. He said once the prices of these edible oils come down, the prices of other oils would also come down.

Apart from this, the Food Secretary has asked the manufacturers to keep a single MRP for cooking oil of the same brand across the country. At present, there is a difference of Rs 3-5 per liter in MRP in different regions. “At present, there is a difference of Rs 3-5 per liter in the MRP of edible oil of the same brand sold in different regions. When transportation and other costs are already included in the MRP, the MRP should not be varied,” he said, adding that the companies have agreed on this.

According to consumer affairs ministry data, as on July 6, the all-India average retail price of palm oil is Rs 144.16 per kg, sunflower oil Rs 185.77 per kg, soybean oil Rs 185.77 per kg, mustard oil Rs 177.37 per kg and groundnut. 187.93 per kg of oil was Rs.

Also Read :- Cooking oil prices fall sharply after cut in petrol/diesel prices | Deets here

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