Edible oil prices fall as big brands slash MRP by Rs 10-15/litre, says Modi govt

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Prices for edible oils in the retail market have started to decline with the easing of international rates and timely government intervention, Food Secretary Sudhanshu Pandey said on Wednesday.

According to government data, average retail prices for packaged edible oils have declined slightly, with the exception of groundnut oil, across the country since the start of this month and range between Rs 150-190 per kg. .

Last week, edible oil companies Adani Wilmar and Mother Dairy reduced the MRP (maximum retail price) for different varieties of cooking oils from Rs 10 to Rs 15 per litre. Both companies said the stock with new MRPs will hit the market soon.

“The edible oil price trends are very positive due to timely government intervention and global developments,” Pandey told reporters.

Not only are the prices of edible oils, retail wheat and wheat flour also stable, he said, adding that the regulations have been helpful in controlling domestic prices. A senior Ministry of Food official said major edible oil brands have reduced MRP in phases and more recently reduced the price by Rs 10-15 per litre.

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According to data compiled by the Ministry of Consumer Affairs, average retail prices of groundnut oil (packaged) stood at Rs 188.14 per kg on June 21 compared to Rs 186.43 per kg on June 1.

Mustard oil prices fell slightly to Rs 180.85 on June 21 from Rs 183.68 per kg on June 1. The price of Vanaspati is stable at Rs 165 per kg.

The price of soybean oil fell slightly to Rs 167.67 from Rs 169.65, while the price of sunflower fell slightly to 189.99 from Rs 193 per kg.

The price of palm oil fell to Rs 152.52 per kg on June 21 from Rs 156.4 per kg on June 1.

The department monitors the prices of 22 essential commodities (rice, wheat, atta, gram dal, tur (Arhar) dal, urad dal, moong dal, masur dal, sugar, gur, groundnut oil, mustard oil, vanaspati, oil sunflower oil, soybean oil, palm oil, tea, milk, potato, onion, tomato and salt) based on data collected from 167 shopping malls spread across the country and representing the regions of North, South West, East, South and Northeast.

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Retail and wholesale prices of 22 products from 167 centers are received daily from the civil supply departments of the respective state governments via a mobile application developed by the center’s consumer department.

Adani Wilmar reduced the prices of its edible oils by Rs 10 a liter on Saturday. The MRP of the 1 liter pack of Fortune Refined Sunflower Oil has been reduced to Rs 210 from Rs 220 per litre. The MRP of the 1 liter packs Fortune Soyabean and Fortune Kachi Ghani (mustard oil) has been reduced to Rs 195 from Rs 205 per litre.

Mother Dairy, one of Delhi-NCR’s main milk suppliers, said last week that it had cut prices of its cooking oils by up to Rs 15 per liter with an easing of rates in global markets. The company sells its edible oils under the Dhara brand.

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The price of Dhara Mustard Oil (1 liter poly pack) has been reduced from Rs 208 to Rs 193 per litre.

Dhara Refined Sunflower Oil (1 liter poly pack) will be priced at Rs 220 now from Rs 235 per liter earlier. The rate of Dhara Refined Soybean Oil (1 liter poly pack) will increase from Rs 209 to Rs 194.

India imports more than 60% of its edible oil needs.

India’s edible oil imports remained nearly flat at 131.3 lakh tonnes in the 2020-21 marketing year (Nov-October), but in value, inland shipments rose 63% to record Rs 1.17 lakh crore, according to data compiled by the Solvent Extractors Association of India (SEA).

Imports of vegetable oils (edible and non-edible) in the first seven months of the 2021-22 oils marketing year, ending in October, increased by 1% to 77,68,990 tonnes from 76,77,998 tons during the corresponding period of the previous oil campaign. year.

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