Centre directs edible oil industry to cut prices by Rs.8 to 12 per litre amid global rate fall

Sources informed that edible oil prices are expected to come down in the next few days

June 3, 2023

Edible oil prices may come down soon

The government directed the edible oil industry to cut retail prices of the essential commodity by Rs.8 to Rs.12 with immediate effect in light of the fact that international rates have sharply fallen in the last two months.

Secretary, Food and Public Distribution Sanjeev Chopra gave this direction to representatives of edible oil associations in a meeting, where they were explicitly told to pass on the benefits of lower edible oil prices to consumers, as the industry informed that global prices of different edible oils have fallen by $150-200 per tonne in the last two months.

In light of this fact, sources informed that edible oil prices are expected to come down in the next few days.

The industry was also informed that the price to distributors by the manufacturers and refiners also needs to be reduced immediately so that the drop is not diluted in any way.

Friday’s meeting was the second in the past few weeks with edible oil associations, to discuss a reduction in retail prices of the commodity, sources said. The representatives present in the meeting included the Solvent Extraction Association of India (SEAI) and the Indian Vegetable Oil Producers’ Association (IVPA) among others.

[With Inputs from IANS]

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