Edible oil prices in the major retail markets across the country have declined by Rs 5-Rs 20 per kg after various measures, including an import duty cut, by the government, Food Secretary Sudhansu Pandey said, adding that branded oil makers have also revised the rates for new stock.
Domestic edible oil prices have risen in tandem with the global prices which shot up due to reduced availability of edible oils for food use following diversion for biofuel in Indonesia, Brazil and other countries.
“The government has taken a number of steps to ensure consumers get relief from high prices. We are happy to share the trend from 167 centres. Edible oil prices have declined quite significantly in the range of Rs 5 and 20 per kg in the major retail markets across the country,” Pandey said during a press briefing.
For instance, retail palm oil price in Delhi declined by Rs 5 to Rs 133/kg on November 3 from Rs 139/kg, while it fell by Rs 18 to Rs 122/kg from Rs 140/kg in Aligarh, Uttar Pradesh, while by Rs 7 to Rs 125/kg in Cuddalore, Tamil Nadu from Rs 132/kg in the said period, he said.
Even retail price of groundnut oil declined by Rs Rs 5-10/kg, while soyabean oil by Rs 5-11/kg, and sunflower oil by Rs 5-20/kg between October 31 and November 3, he added.
“We are going to see a southward trend in mustard oil prices too,” he said, adding that ongoing sowing of mustard seed is better than last year. The area sown to mustard seed, a rabi crop, is 11 per cent better than the year-ago period, he added.
The industry body SEA has advised its distributions, retailers and wholesalers to pass import duty cut to consumers even on the old stock, he said. Currently, the Uttar Pradesh government has imposed a stock limit up to 25 tonnes on wholesale and retailers to check prices. Three more states are at advanced stages of imposition of the stock limits.