In a bid to provide relief to consumers amid rising prices, the Centre has asked the edible oil manufacturing and marketing companies to cut the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre. The central government told the companies to implement the change in prices within a week. This move came after the prices of edible oils had reduced significantly in the international market in the last few days. India meets around 56 per cent of its annual edible oil demand from imports. Hence, a dip in the edible oil prices in the international market have a direct impact on the local market.
“We made a detailed presentation and told them that global prices have declined by 10 per cent in last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP,” said Sudhanshu Pandey, Union food secretary, according to news agency PTI. Pandey called a meeting of all edible oil associations and major manufacturers to discuss the current trend and pass on the falling global prices to consumers by reducing the MRPs.
All the major producers of edible oils, including Adani Wilmar and Ruchi Soya have agreed to revise the retail prices in the next 7-10 days, according to reports.
The Centre also asked the companies to maintain uniformity of MRP for the same brand of edible oil across the country. “At present, there is Rs 3-5 per litre difference in MRP of same brands sold in different zones. When transportation and other costs are already factored in the MRP, there should not be difference in MRP,” Pandey added.
The retail prices of edible oils — mustard, sunflower, soyabean and palm oil — have reduced by 5-11 per cent in the country since June 1, according to the data provided by the department of consumer affairs. “All major edible oil brands cut prices by Rs 10-15 per litre,” the Centre had said in a statement on June 22. It helped to cool down the wholesale and retail prices of vanaspati, soyabean oil, sunflower oil and palm oil in the country.
The central government also raised the issue of rising consumer complaints against edible oil brands regarding unfair trade practices.
The Centre has been monitoring the prices of edible oils on a daily basis and taking necessary steps to keep a check on the rates. In May, the government had scrapped customs duty and agriculture infrastructure development cess on the import of crude soyabean oil and crude sunflower oil for 20 lakh metric tonnes each per year. The duty-free import will be applicable for two fiscals, 2022-23 and 2023-24, for crude soyabean oil and crude sunflower oil, according to a notification by the finance ministry. This move aimed at bringing down the domestic edible oil prices.
Further, stock limits on edible oils and oil seeds have been imposed for a period up to December 31, 2022 to ensure smooth availability of edible oils and oil-seeds in the country
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