Edible Oil Associations Urged to Slash Prices
The Centre has directed edible oil associations to promptly reduce the maximum retail price (MRP) of major edible oils by Rs 8-12 per litre to align with the global market. In a meeting chaired by food secretary Sanjeev Chopra, the food ministry emphasized the need for companies with higher MRP than other brands to also lower their prices. Manufacturers and refiners were instructed to reduce prices to distributors immediately to ensure the price drop remains effective.
With the edible oil industry poised for further reduction and prices continuing to decline globally, Indian consumers can anticipate paying less for edible oils. This drop in prices will help alleviate concerns about inflation. The ministry urged industry representatives, including the Solvent Extraction Association of India and the Indian Vegetable Oil Producers’ Association, to ensure that the downward trend in global prices is promptly reflected in the domestic market.
The leading edible oil associations were advised to communicate the urgency of the situation to their members and promptly reduce the MRP of major edible oils by Rs 8-12 per litre. The falling global prices, which have decreased by USD 150-200 per tonne in the last two months, are expected to result in further price reductions in retail markets.
The reduction in oil prices follows a decline in international prices and reduced import duties on edible oils. The ministry stressed that the full benefit of reduced international prices must be passed on to consumers. Additional discussions during the meeting covered aspects such as price data collection and packaging of edible oils.
Re-Reported from the source originally published in Oneindia.
