The retail prices of edible oils drop from 5 to 20 Rs / kg in the main markets: Food Secy

Edible oil prices in major retail markets across the country have fallen by 5 to 20 rupees per kg after various measures, including a reduction in import duties, by the government, the Food Secretary said on Friday. Sudhansu Pandey.

The official said branded oil makers have also revised prices for new inventory.

Domestic prices for edible oils have skyrocketed alongside world prices which have soared due to reduced availability of edible oils for food use following the diversion of biofuels in Indonesia, Brazil and others. country.

“The government has taken a number of steps to ensure consumers get relief from high prices. We are happy to share the trend of 167 centers. markets across the country, ”Pandey said at a news briefing.

For example, the retail price of palm oil in Delhi fell from Rs 5 to Rs 133 / kg on November 3 from Rs 139 / kg, while it fell from Rs 18 to Rs 122 / kg from Rs 140 / kg in Aligarh, Uttar Pradesh, while from Rs 7 to Rs 125 / kg in Cuddalore, Tamil Nadu from Rs 132 / kg during said period, he said.

Even the retail price of peanut oil has dropped from Rs 5 to 10 / kg, while that of soybean oil from Rs 5 to 11 / kg and sunflower oil from Rs 5 to 20 / kg between October 31 and November 3, he added.

The government monitors the retail prices of six edible oils in 167 centers across the country.

In the case of mustard oil, said the secretary, “we have not seen a significant reduction in prices”, but the measures taken by the government, including the rationalization of import tariffs, will also have an impact. on mustard oil prices.

“We will also see a southward trend in mustard oil prices,” he said, adding that the current mustard seed plantings are better than last year.

The area sown to mustard seeds, a rabi crop, is 11% higher than the previous year, he added.

Asked when the branded cooking oils will revise the tariffs, the secretary said, “I have spoken to the industry and they have confirmed that they have revised the P for the new versions.”

In fact, industry body SEA has advised its distributors, retailers and wholesalers to pass the reduction in import duties on to consumers, even on old stocks, he said.

Major edible oil players, including the Adani Wilmar and Ruchi industries, have slashed wholesale prices from Rs 4 to 7 per liter to provide relief to consumers during festival season, according to a government statement.

Other players who have reduced wholesale prices for edible oils are Gemini Edibles and Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-foils and Solvent, Vijay Solvex, Gokul Agro Resources and NK Proteins, he added. .

As global edible oil prices have stabilized at higher levels over the past ten days, reduced import duties and other measures such as the imposition of stock limits to curb hoarding have helped. to cool domestic prices, the secretary said.

Pandey said lowering gasoline and diesel prices will also have an overall impact on local edible oil prices, as distribution costs will be reduced.

Currently, the government of Uttar Pradesh has placed a stock limit of up to 25 tonnes on wholesalers and retailers to check prices. Three other states are at an advanced stage of imposing stock limits.

The secretary said the Center will review the status of the stock limit with state governments next week.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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