New Delhi: Highlighting the improved availability of edible oil in the country, the food ministry on Friday said the “worst is over” while announcing the reduced prices of palm, soyabean, sunflower and groundnut oils, that have reduced by Rs 5 to Rs 20 per litre at major markets during this week.
Union food secretary Sudhanshu Pandey said that due to cut in import duty and declaration of stocks by the stakeholders the prices of edible oil has reduced in the country, however, mustard oil prices are still a concern. Pandey said even as the branded oil makers have revised the rates for new stock.
As per officials, the domestic edible oil prices have soared in tandem with the global prices which shot up due to reduced availability of edible oils following diversion for biofuel in Indonesia, Brazil and other countries. They said the prices have started moderating and this trend is likely to continue.
On mustard oil prices, Pandey said, “We have not seen a significant reduction in prices. But the steps taken by the government, including import duty rationalisation, will effect mustard oil prices too.”