The central government said that the retail prices of edible oils across the country are higher than a year ago compared to the global market but have declined since October 2021. According to the trend of 167 Value Collection Centers, the retail prices of edible oils have come down drastically by Rs 5-20 per kg in major retail markets across the country.
Average Retail Price of Edible Oils
According to the data of the Ministry of Consumer Affairs, the average retail price of groundnut oil on Tuesday is Rs 180 per kg, mustard oil Rs 184.59 per kg, soya oil Rs 148.85 per kg, sunflower oil Rs 162.4 per kg. And that of palm oil was Rs 128.5 per kg.
What is the reduction in the prices of edible oils?
The data showed that the retail prices of groundnut and mustard oil have declined by Rs 1.50-3 per kg as compared to the prices of October 1, 2021, while the prices of soya and sunflower oil are now 7-8 per kg. Rs per kg has come down.
According to the consumer affairs ministry, major edible oil companies including Adani Wilmar and Ruchi Industries have cut prices by Rs 15-20 per litre. Other companies that have reduced prices of edible oils are Gemini Edibles & Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-Foil & Solvent, Vijay Solvex, Gokul Agro Resources and NK Proteins.
How did the prices of edible oils come down?
On behalf of the Ministry, despite the high prices in the international market, the intervention of the Central Government with the active participation of the State Governments has brought down the prices of edible oils. Edible oil prices are higher than a year ago but have been coming down since October. Other steps like reduction in import duty and curbing hoarding have helped in bringing down the domestic prices of all edible oils and brought relief to the consumers. Due to heavy dependence on import of edible oils, it is important to try to increase domestic production.
Know that India is one of the largest importers of edible oils as its domestic production is unable to meet its domestic demand. About 56-60 percent of the consumption of edible oils in the country is met through imports.
The Ministry of Consumer Affairs said that international prices of edible oils are under pressure due to reduction in global production and increase in export tax / levy from the exporting countries. Therefore, the domestic prices of edible oils are determined by the prices of imported oils.
