A meeting was held Friday between the food department and the leading edible oil industry representatives in India to discuss a further reduction in the retail prices of edible oils amidst a continued fall in their global prices.
This is the second meeting the Department of Food and Public Distribution convened within a month with the industry representatives. Top industry bodies Solvent Extraction Association of India (SEA) and the Indian Vegetable Oil Producers’ Association (IVPA) participated in today’s meeting.
As per a government release, the industry informed that the global prices of different edible oils have fallen by USD 150-200 per tonne in the past two months and noted that they have reduced the MRP, affirming they will further reduce shortly.
MRP of Refined Sunflower Oils, Refined Soybean Oil, and Mustard Oil of some major brands have decreased by Rs. 5-15 per litre.
The industry has been advised to ensure that the entire benefit of the reduced international prices is passed on to the consumers, the release added. The government suggested a further reduction of Rs 8-12 per litre.
The international and domestic prices of edible oil were on an upward swing during 2021-22 due to many geo-political factors including higher inputs and logistics costs.
India is the world’s second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. A large part of it is palm oil and its derivatives, and soybean oil.