There will be relief from expensive cooking oil prices, the government has given instructions to the companies to reduce the prices.

Edible Oil Price Cut: Soon you can get relief from expensive edible oil prices. The Ministry of Food Supplies and Consumer Affairs has asked the companies making edible oil to cut the prices of edible oil. The ministry says that despite the reduction in prices in the international market, the oil prices have not been reduced as much as the prices of packaged food.

Government asked edible oil companies to reduce the price

The government asked the members of the Salvent Extract Association to cut the MRP (Maximum Retail Prices) of edible oil so that consumers could be given relief. The government believes that at present the price of edible oil in the domestic market is very high. The Food Ministry says that there has been a huge reduction in the prices of palm oil, soybean and sunflower oil in the international markets. So a tremendous jump has been seen in the production of Mustard, Groundnut and Soybean in this season.

Reduced prices in the international market!

India is a major importer of palm oil, India imports 56 percent of its edible oil consumption. In the last one year, the landing price of palm oil in Mumbai has come down by 44 per cent. Where the price was $1,791 a tonne a year ago, it has now come down to $1,000 a tonne. Crude soya and sunflower oil prices have also seen a reduction of 50 to 55 percent in the last one year.

Reduction in prices in one year

According to the data of the Ministry of Consumer Affairs, on May 2, 2022, groundnut oil was available at Rs 185.46 per kg, which is available at Rs 189.95 per kg after a year. Packed mustard oil was available at Rs 184.95 per kg a year ago, which is now available at Rs 151.26 per kg. Packed palm oil was available at Rs 157.69 per kg a year ago, which is now available at Rs 110.45 per kg. Sunflower oil was being sold for Rs 190 per kg, which is now available for Rs 145.12 per kg.

Retail prices are high

It is clear from the figures that the prices of edible oil have come down, but the prices have not decreased according to the decrease in the international market. And that’s why the government has asked the companies to reduce the prices in the retail market so that relief can be given to the common people.

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