New Delhi: The prices of all major edible oils have declined by Rs 15-25 per liter in the last four months, according to government data. Prices may come down further as a major producer on Monday announced a significant cut in prices and said stocks with new prices would hit the market soon.
The reduction in prices can be attributed to the fall in international prices of edible oil and steps taken by the government including reduction in import duty. The modal prices – the most prevalent price across the centers – uploaded by the consumer affairs ministry on its website shows that the price of mustard oil has come down by Rs 15 in the last one month.
Similarly, sunflower and palm oil prices have declined by Rs 17 and Rs 15 per liter respectively during this period.
Data shows that the price of imported palm oil in Mumbai has fallen from $1,720 a tonne to $1,010 in the last 45 days. Similarly, the price of sunflower oil has come down from $2,050 a tonne a month ago to $1,600 a tonne.
As a result, the domestic wholesale prices of all imported edible oils have fallen drastically. This has also had a positive impact on mustard oil prices in the country. government said fall edible oil prices It will also help in pacifying inflation.
India is one of the largest importers of edible oils in the world. During 2020-21, it imported around 133 lakh tonnes of edible oils at a cost of around Rs 80,000 crore. According to the government, palm oil accounts for about 56% of all imported edible oils, followed by soybean oil at 27% and sunflower at 16%. Therefore, any volatility in the international market has an impact on the domestic prices of all edible oils.
The country’s largest edible oil producer Adani Wilmar on Monday announced a major cut in prices, saying the new price of soybean oil will be Rs 165 per liter from the current Rs 195. Similarly, the price of palm oil will also fall. 26 per liter reduced to Rs 144. It also announced reduction in prices of all its edible oils.
Meanwhile, the government said domestic oilseeds production has seen a huge increase in the last few years – from 252.5 lakh tonnes in 2015-16 to 385 lakh tonnes during 2021-22, according to the third advance estimate released by the agriculture ministry.
The government has launched the Edible Oil Mission on Palm Oil – National Mission on Edible Oils – Oil Palm (NMEO-OP) – as a new centrally sponsored scheme to boost production in the North Eastern Region and Andaman and Nicobar Islands. Special attention has been paid to
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