Centre asks edible oil companies to cut prices of cooking oils

05 May 2023 Evaluate

In line with the fall in global prices for the benefit of consumers, the Centre has asked edible oil companies to cut the prices of cooking oils. A major importer of edible oils, India imported cooking oils worth Rs 1.57 lakh crore during 2021-22 marketing year (November-October). It buys palm oil from Malaysia and Indonesia, while soyabean oil is being imported from Argentina and Brazil.

Food Secretary Sanjeev Chopra said ‘The decline in the price of edible oils should be passed on to consumers expeditiously’. Mother Dairy, which sells cooking oils under Dhara brand, has reduced the maximum retail prices by Rs 15-20 per litre and the new stock will hit the market next week. 

As per the government data, the retail price of packed groundnut oil on May 04 stood at Rs 189.13 per kg, mustard oil Rs 150.84 per kg, vanaspati Rs 132.62 per kg, soyabean oil Rs 138.2 per kg, sunflower oil Rs 145.18 per kg and palm oil Rs 110.05 per kg.

The food ministry said that international prices of imported edible oils are on a downward trend which gives a positive scenario for the edible oils sector in India. 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.

Edible oil associations have been advised to take up the issue with their members immediately and ensure that the MRP (Maximum Retail Price) of each oil be reduced in line with the decline in the international prices of edible oils with immediate effect.

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