NEW DELHI: In a move that could bring some cheer to the common citizen, the edible oil prices in the retail market have started easing with the softening of the international rates and the government’s timely intervention, food secretary Sudhanshu Pandey said. India imports more than 60 per cent of its edible oil requirements.
Interestingly, the moves came after the Department of Food and Public Distribution conducted a surprise inspection in an attempt to control inflation and illegal stocking of food and edible oil.
“Trends in edible oil prices are very positive due to the government’s timely intervention and global developments,” Pandey said. “The surprise inspections conducted by the Department of Food and Public Distribution to check illegal stocking of edible oil had the desired impact,” he added.
Major edible oil brands have reduced MRP in phases and most recently they cut the price by Rs 10-15 per litre, a senior official said.
As per government data, the average retail prices of packaged edible oils have eased slightly, except for groundnut oil, across the country since the beginning of this month. The average retail price of groundnut oil (packaged) stood at Rs 188.14 per kg on June 21 as against Rs 186.43 per kg on June 1.
Mustard oil rates have come down marginally to Rs 180.85 on June 21 from Rs 183.68 per kg on June 1. Vanaspati price is flat at Rs 165 per kg.
The price of soya oil is marginally down to Rs 167.67 from Rs 169.65, while the rate of sunflower dipped slightly to 189.99 from Rs 193 per kg.
The palm oil rate has come down to Rs 152.52 per kg on June 21 from Rs 156.4 per kg on June 1.
Edible oil major Adani Wilmar cut the prices of its products by Rs 10 per litre. The MRP of Fortune refined Sunflower oil’s 1-litre pack has been reduced to Rs 210 from Rs 220 per litre. The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced to Rs 195 from Rs 205 per litre.
Last week Mother Dairy, which sells its edible oil under the Dhara brand, said it has reduced the prices of its cooking oils by up to Rs 15 per litre with softening of rates in global markets.
The price of Dhara mustard oil 1-litre poly pack has been reduced from Rs 208 to Rs 193 per litre. Dhara refined sunflower oil 1-litre poly pack will be sold at Rs 220 now from Rs 235 per litre earlier. The rate of Dhara refined soyabean oil 1-litre poly pack will come down from Rs 209 to Rs 194.
The Central Government earlier waived off the basic duty on Crude Palm Oil, Crude Soybean Oil and Crude Sunflower Oil from 2.5 per cent. The basic duty has been slashed to 17.5 per cent from a previous 32.5 per cent on refined soybean oil and refined sunflower oil.
In further action for ensuring a smooth availability of oils and oil seeds, the stock limits have been imposed until 31st December 2022.