When asked when will the branded cooking oils revise the rates, the secretary said, “I have spoken to the industry and they have confirmed that they have revised the MRP for the new release.”
Food secretary Sudhanshu Pandey said on Friday that edible oil prices have declined by Rs 5-20 per kg in major retail markets across the country following various measures by the government including reduction in import duty. Branded oil makers have also revised rates for new stocks, the official said.
Domestic edible oil prices have risen in line with global prices due to low availability of edible oils for edible use following the diversion to biofuels in Indonesia, Brazil and other countries.
“Government has taken several steps to ensure relief from higher prices to consumers. We are happy to share this trend with 167 centres. Edible oil prices in the major retail sector have come down significantly by Rs 5 and Rs 20 per kg. markets across the country,” Pandey said during a press briefing.
For example, the retail palm oil price in Delhi declined by Rs 5 to Rs 133 per kg from Rs 139 per kg on November 3, while it fell by Rs 18 to Rs 122 per kg from Rs 140 per kg in Aligarh, Uttar Pradesh. , while he said there has been an increase from Rs 7 to Rs 125 a kg in Cuddalore in Tamil Nadu as against Rs 132 a kg in the said period.
The retail prices of groundnut oil also declined by Rs 5-10 per kg, while that of soybean oil by Rs 5-11 per kg and sunflower oil by Rs 5-20 per kg between October 31 and November 3, he said. kg has dropped. The government monitors the retail prices of six edible oils from 167 centers across the country.
In the case of mustard oil, the secretary said, “we have not seen a significant reduction in prices,” but the steps taken by the government, including rationalization of import duty, will have an impact on mustard oil prices as well.
“We are also going to see a southward trend in mustard oil prices,” he said, adding that the current sowing of mustard is better than last year. He said the area sown for rabi crop mustard is 11 per cent better than in the year-ago period.
When asked when will the branded cooking oils revise the rates, the secretary said, “I have spoken to the industry and they have confirmed that they have revised the MRP for the new release.”
In fact, industry body SEA has advised its distribution, retailers and wholesalers to cut import duty on old stock also to consumers, he said.
Major edible oil companies, including Adani Wilmar and Ruchi Industries, have cut wholesale prices by Rs 4-7 per liter to provide relief to consumers during the festive season, a government statement said.
Other companies that have reduced wholesale 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.
The secretary said global edible oil prices have stabilized at higher levels in the last ten days, but other steps such as reduction in import duty and imposition of stock limits to curb hoarding have helped in cooling domestic prices, said the secretary.
Pandey said the reduction in the rates of petrol and diesel will also have a cascading effect on the local edible oil prices as the distribution cost will come down.
Currently, the Uttar Pradesh government has imposed a stock limit of up to 25 tonnes on wholesalers and retailers to check prices. Three more states are in the final stages of implementing stock limits.
The secretary said the Center will review the stock limit situation with state governments next week.
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