India has asked the trade bodies to reduce edible oil prices by 15 rupees per litre immediately due to substantial drop in prices in the world market, the government said in a statement
The announcement came after a meeting called by Food Secretary Sudhanshu Pandey on July 6 with all edible oil associations and major manufacturers to discuss the current trend and pass on the falling global prices to consumers by reducing MRP
In a notification, Ministry of consumer affairs, food and public distribution said,”The Department of Food and Public Distribution in a meeting on July 6th 2022 has directed leading Edible Oil Associations to ensure reduction in the MRP of edible oils by Rs. 15/- with immediate effect,”
The Central Government has advised the manufacturers and refiners to immediately reduce the prices of edible oils and pass the benefits to the consumers.
Ministry further added, “It was also impressed upon that whenever a reduction in price to distributors is made by the manufactures/refiners, the benefit should be passed on to the consumers by the industry and the Department may be kept informed on regular basis,”
This move came after the global prices of edible oils had reduced by USD 300-450 per tones in the last one month
India primarily buys palm oil from Indonesia, Malaysia and Thailand, while soy oil is mainly sourced from Argentina, Brazil and the United States. Moreover India imports sunflower oil from Ukraine and Russia.