Edible oil in the near future (Edible Oil) Can be further relieved. The government has instructed companies to reduce the price of edible oil in the retail market. According to the news, the Food and Public Distribution Department has asked the edible oil companies to reduce the prices of the products within a week.edible oil price) Asked to do. According to the government, edible oil prices are likely to fall further by 10 to 15 per cent. Last month, companies slashed edible oil prices by Rs 10 to Rs 15 per liter. The government has today convened a meeting with major companies in the sector on the issue. Measures to reduce edible oil prices were discussed at the meeting. It is expected that the price of edible oil will come down to Rs 12 per liter.
How much prices can fall
The government estimates that edible oil prices could fall by 15-20 per cent in the current circumstances. It is expected that companies can reduce the price by Rs 10 to 12 per liter. According to reports, many edible oil companies have also agreed to reduce prices at today’s meeting, so it is hoped that a reduction in edible oil prices may be announced in the coming days. Food Secretary Sudhanshu Pandey was present at today’s meeting.
Prices in the domestic market also reached very high levels due to the rise in edible oil prices around the world. India imports about half of its needs from abroad, in which case the surplus in foreign markets is having a direct impact on retail prices. In the recent past, the government has taken measures like reduction in duty, while prices in the international market are also improving. In such a scenario, retail prices in the country have also come down. However, the government is acknowledging that retail prices have not fallen as much as wholesale prices.
Decline in overseas markets
Currently, wholesale prices of edible oils are softening. Citing sources, the PTI report said that there has been a historic decline in edible oil prices abroad. Amid these declines, crude palm oil and palm oil prices have declined. Soybean oil prices have also seen a decline as overseas markets have shrunk and the government has released refineries import quotas of 2 million tonnes of soybeans and 2 million tonnes of sunflower oil annually. This has brought down the prices of local oil companies.
The government has said that the benefit of this deficit should be passed on to retail consumers. Just last month, many companies cut edible oil prices. However, in a PTI report late last month, sources were quoted as saying that prices in foreign markets have fallen by Rs 40-50 per liter. And yet companies are not giving consumers the full benefit of the reduction in wholesale prices.
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