Common people to get relief on prices of edible oils.
Ministry of Consumer Affairs has directed the leading Edible Oil Associations to guarantee the reduction in the MRP of edible oil by 15₹ with immediate effect on Friday. The Department of Food and Public Distribution took this decision in the meeting on 6 July 2022.
The Central government has communicated to the refineries and the manufacturers of edible oils that they have to deliver the price reduction to the distributors with immediate effect. The Department also stressed that the price reduction should reach to the consumers as soon as it is delivered to the distributors.
The Department has asked to reduce prices for those brands and companies whose prices are higher than other brands. The Public Distribution Department said that they will maintain information on price reduction on regular basis.
The ministry said that the international price of imported edible oil is decreasing. This is a piece of positive news in this scenario. The domestic industry must ensure that the price drop benefits the domestic industry. And promptly the price drop should be passed on to consumers.
Ministry said they discussed other issues like price data collection, control orders on edible oils and packaging of edible oils during the departmental meeting.
The Department of Food and Public Distribution along with the Ministry of Consumer Affairs conducted a meeting with industry representatives. It included SEAI, IVPA and SOPA to discuss edible oil price cuts as international prices are declining. The industry said global prices of different edible oils have fallen by USD 300-450 per tones in the last one month. But the price drop will take time into the retail market.
The Ministry recalled that in May, the MRP of Fortune sunflower oil 1-litre pack had decreased to 210 from 220. And the MRP of Fortune soybean oil 1 litre and the Kachi Ghani 1 litre pack had decreased to 195 from 205. Ministry said the decline in rates of edible oil was because of the government measure of import duty reduction on edible oils.