LAGATAR24 NETWORK
New Delhi, July 8: The Centre has directed leading edible oil associations in the country to reduce the MRP prices by Rs 15 with immediate effect citing “dramatic fall” of edible oil prices in the international market.
“The Department of Food and Public Distribution in a meeting on 6 July 2022 has directed leading edible oil associations to ensure reduction in the MRP of edible oils by Rs 15 with immediate effect,” the Union Ministry of Consumer Affairs, Food and Public Distribution said in a statement on Friday.
The international prices of imported edible oils are on a downward trend and, therefore, the domestic edible oil industry needs to ensure that the prices in the domestic market also drop commensurately, it said.
“The edible oil prices in the international market are witnessing a dramatic fall, however, the situation in the domestic market is slightly different as the fall in the prices is gradual,” the ministry noted.
The Government of India stepped in and a meeting was convened by the Department of Food and Public Distribution with the leading industry representatives including SEAI, IVPA and SOPA to discuss reduction in the retail prices of cooking oils amid a fall in the global prices.
The industry informed that the global prices of different edible oils have fallen by USD 300-450 per tonne in the last one month, but it takes time to reflect in the retail markets and the retail prices are expected to come down in the coming days.
The Centre also advised that the price to distributors by the manufacturers and refiners also needs to be reduced immediately so that the price drop is not diluted in any way and is passed on to the consumers.
“It is imperative that the benefit of reduced duty structure on edible oils and the continuous significant drop in prices at the international market be immediately passed on to the end consumers without fail,” the ministry said, adding that the consumers can look forward to saving some money in their kitchen budget.
