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Edible oil prices are coming down, up to 20 percent fall: Government

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The central government has claimed that the prices of edible oil have started declining in the last one month and in some cases it has come down by almost 20 per cent. Noting that India is importing a significant amount of edible oils to meet the domestic demand, the Center said that it is working on a series of “medium and long-term measures” to make the country self-reliant.

A government statement said, “The prices of various types of edible oils in India are showing a declining trend. According to the data of the Department of Consumer Affairs, the prices of edible oils are coming down as compared to the previous month. In some cases, the decline is up to around 20 per cent, as seen in Mumbai, the statement said.

Mustard oil came up to Rs 175 to 157 per kg

Giving an example, the government said that the price of palm oil was Rs 142 per kg on May 7 and now it has come down by 19 per cent to Rs 115 per kg. Similarly, the price of sunflower oil fell by 16 per cent to Rs 157 per kg. 188 per kg on May 5. The price of soya oil was Rs 162 per kg on May 20 and now it has come down to Rs 138 per kg in Mumbai. “In the case of mustard oil, the price as on May 16, 2021 was Rs 175 per kg,” the statement said. Now, it has come down to Rs 157 per kg, which is a drop of almost 10 per cent.

Read also: Market Price: Increase in mustard, groundnut oil, fall in CPO, soybean

The price of groundnut oil, which was Rs 190 per kg on May 14, has come down to Rs 174 per kg. The price of vegetable has come down by eight per cent to Rs 141 per kg from Rs 154 per kg on May 2. “There are several reasons for the increase in edible oil prices, with factors such as international prices, domestic production levels also contributing,” the statement said. “Since the gap between domestic consumption and production is high, India has to import large quantities of edible oil. The government said it is working on a series of medium- and long-term measures to address the issue on a permanent basis. “These measures will contribute to India becoming self-reliant in edible oils,” the statement said.

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Edible oil prices are coming down, up to 20 percent fall: Government
Kiran Morehttp://mytechspark.com
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