Slight decline in edible oil costs however nonetheless increased than final yr

THE RETAIL costs of 5 edible oils – mustard oil, vanaspati, soya oil, sunflower oil and palm oil – have declined by 2-8 per cent previously one month however they’re nonetheless 3-21 per cent increased than their final yr’s ranges, in line with official information.

The information on all-India Daily Weighted Average Prices of Major Edible Oils, accessible on the Department of Consumer Affairs’ web site, exhibits that among the many 5 edible oils, the utmost decline of seven.83 per cent has been recorded within the all-India retail costs of palm oil, which got here all the way down to Rs 143.81 per kg on Friday – from Rs 156.02 per kg a month in the past. However, the retail worth of palm oil remains to be 9.70 per cent increased than Rs 131.09 per kg a yr in the past.

The minimal decline of two.01 per cent has been recorded within the retail costs of vanaspati, which has come down from Rs 165.74 per kg a month in the past to Rs 162.41 per kg on Friday. In truth, retail costs of vanaspati are 21.36 per cent increased than their stage (133.83 per kg) a yr in the past.

The common retail worth of soya oil barely got here all the way down to Rs 164.43 per kg on Friday, from Rs 169.7 per kg a month in the past — a 3.11 per cent decline. However, soya oil costs are 10.49 per cent increased than Rs 148.82 per kg recorded on the identical day final yr, present the information reported by the State Civil Supplies Department of the respective state governments to the Department of Consumer Affairs.

The retail costs of sunflower oil declined by 3.30 per cent to Rs 185.6 per kg on Friday, whereas in comparison with Rs 191.93 per kg a month in the past. However, the retail worth of sunflower remains to be 12.31 per cent increased than the identical day final yr.

The Price Monitoring Division of the Department of Consumer Affair, screens the costs of six edible oils. While the common retail costs of 5 edible oils – mustard oil, vanaspati, soya oil, sunflower oil and palm oil – have seen a slight dip, the costs of groundnut oil are hovering at Rs 187.33 per kg and are 4.75 per cent increased than their final yr’s stage.

With shoppers but to get respite from the upper edible oil costs, the Centre has requested the edible oil corporations to scale back their MRP by Rs 15 per kg.

“The Department of Food and Public Distribution in a meeting on July 6th 2022 directed leading Edible Oil Associations to ensure reduction in the MRP of edible oils by Rs. 15/- with immediate effect,” the Ministry of Consumer Affairs, Food and Public Distribution stated in a press release on Friday.

“The Centre also advised that the price to distributors by the manufacturers and refiners also needs to be reduced immediately so that the price drop is not diluted in any way.”

“It was also impressed upon that whenever a reduction in price to distributors is made by the manufactures/refiners, the benefit should be passed on to the consumers by the industry and the Department may be kept informed on regular basis. Some companies which have not reduced their prices and their MRP is higher than other brands have also been advised to reduce their prices,” the assertion stated.

“During the meeting it was discussed that the international prices of imported edible oils are on a downward trend which is a very positive picture in the edible oil scenario and, therefore, the domestic edible oil industry needs to ensure that the prices in the domestic market also drop commensurately. And, this price drop has to be passed on expeditiously to consumers without in a laggard fashion. Other issues like price data collection, Control Order on edible oils and packaging of edible oils were also discussed in this meeting,” it stated.

According to the assertion, the edible oil costs within the worldwide market are witnessing a “dramatic fall”, nevertheless, the scenario within the home market is “slightly different as the fall in the prices are gradual.”

“The Government of India stepped in and a meeting was convened by the Department of Food and Public Distribution with the leading industry representatives including SEAI, IVPA and SOPA to discuss reduction in the retail prices of cooking oils amid a fall in the global prices. The industry informed that the global prices of different edible oils have fallen by USD 300-450 per tones in the last one month, but it takes time to reflect in the retail markets and the retail prices are expected to come down in the coming days,” the assertion stated.