Photo Source: ANI
Reduce retail edible oil prices in line with global fall, industry body advises producers
New Delhi, May 2, 2023 (ANI): Edible oil industry body The Solvent Extractors' Association of India (SEA) on Tuesday said it has advised all its members to reduce retail prices in line with the falling prices of edible oils internationally.
Also, it sought details about their degree of reduction in MRP in the past three months. In a release, President of SEA Ajay Jhunjhunwala said prices of edible oils in international markets have sharply reduced in the past six months and particularly in the last 60 days. However, local prices, in spite of bumper Groundnut, Soy and Mustard crops, did not decline in line with the international market.
"While most of the brands have reduced prices in the past but still the prevailing MRP of the packed edible oil in the market is not in line with the current prices as in the international market, i.e., the prices of edible oil (MRP) in the domestic market seems to be on the higher side considering the prevailing market scenario," the release said.
Against that backdrop, the Department of Food and Public Distribution has advised the industry body to inform its members to reduce edible oil prices and pass on the benefits to consumers.
India is the world's second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia. (ANI)