New Delhi: The global prices of different edible oils have fallen by USD 200-250 per tonne in the last two months. The international prices of imported edible oils are also on a downward trend but the benefits are yet to be passed on to Indian consumers.
Earlier too, when the MRP of edible oils such as Sunflower Oil, Soyabean Oil and Mustard Oil were reduced by the industry only in pursuance of the Department of Food and Public Distribution’s (DFPD) meetings with leading edible oil associations.
In a meeting today, the Department told the edible oil industry representatives that whenever a reduction in price to distributors is made by the manufacturers and refiners, the benefit should be passed on to the consumers by the industry and this Department may be kept informed on a regular basis.
The leading Edible Oil Associations were advised to take up the issue with their members immediately and ensure that the MRP of each oil is reduced in line with the decline in the international prices of edible oils with immediate effect. Price to distributors (PTD) by the manufacturers and refiners also needs to be reduced with immediate effect so that the price decline is not diluted in any way. Companies which have not reduced their prices and whose MRP is higher than other brands have also been advised to reduce their prices.
“The decline in the price of Edible Oil should be passed on to consumers expeditiously, said Secretary DFPD, Sanjeev Chopra during the meeting with the leading industry representatives here today.
Representatives from the Solvent Extraction Association of India (SEAI) and the Indian Vegetable Oil Producers’ Association (IVPA) were present to discuss a further reduction in the retail prices of cooking oils amidst a fall in global prices.
The industry claimed it takes time to reflect in the retail markets and the retail prices are expected to come down shortly.
With the edible oil prices beginning to show a downward trend and set to witness further reductions to be made by the edible oil industry, the Ministry of Consumer Affairs, Food and Public Distribution assured Indian consumers that soon the edible oil prices will cost less. The falling edible oil prices will help in cooling inflation as well, the Ministry stated.
It may be mentioned that it is within the purview of the Department of Food & Public Distribution to closely monitor and review the prices of edible oils in the country and step in whenever any intervention is required to ensure the affordability of edible oils which forms an important part of the human diet. “The fall in the prices of edible oils in the domestic market is gradually being reflected in the domestic market which is providing relief to the consumers,” the Ministry claimed.
The international and domestic prices of edible oil were on an upward swing during 2021-22 due to many global factors including higher input and logistic costs.
– global bihari bureau
