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Edible oil prices started falling in past one month: Govt

17 Jun 2021 Evaluate

The government stated that edible oil prices have started falling in the past one month, and the quantum of decline is nearly 20 per cent in some cases. Stating that India imports a significant quantity of edible oils to meet domestic demand, the Centre said it is working on a ‘series of mid- and long-term measures’ to make the country self-sufficient. In some cases, the decline is as much as nearly 20 per cent, as shown in prices in Mumbai.

The government said the price of palm oil was Rs 142 per kg on May 7 and now, it has come down to Rs 115 per kg, a drop of 19 per cent. Similarly, the price of sunflower oil has dropped 16 per cent to 157 per kg, from Rs 188 per kg on May 5. The price of soya oil was Rs 162 per kg on May 20 and now, it has come down to Rs 138 per kg in Mumbai. In the case of mustard oil, the price was Rs 175 per kg on May 16, 2021. Now, it has come down to Rs 157 per kg, a drop of nearly 10 per cent.

Groundnut oil price, which stood at Rs 190 per kg on May 14, has fallen to Rs 174 per kg. The price of Vanaspati has dipped eight per cent to Rs 141 per kg, from Rs 154 per kg on May 2. Prices of edible oil prices are dependent on a complex set of factors which also include international prices, domestic production. As the gap between domestic consumption and production is high, India has to import a significant amount of edible oil. The government said it is working on a series of mid- and long-term measures to resolve the issue on a permanent basis.

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