In order to provide relief to the consumers, the price (wholesale price) of edible oils will be reduced by Rs 3 to Rs 5 per kg this festival season said an industry body the Solvent Extractors' Association of India (SEA).
As per the data given by the consumer affairs ministry, the government has already reduced the prices of palm oil from Rs 169.6 per kg on October 1 to Rs 132.98 per kg on October 31. A 21.59% of reduction in the average retail price of palm oil whereas the average retail price of soya oil’s marginal reduction was from Rs 155.65 per kg to Rs 153 per kg in the said period.
But the prices (average retail price) of groundnut oil, mustard oil and sunflower oil were rigid at Rs 181.97 per kg, Rs 184.99 per kg and Rs 168 per kg, respectively, on October 31.
"SEA members have decided to further reduce prices of edible oils by Rs 3,000 to Rs 5,000 per tonne keeping in mind the Diwali festivities," cherry on the cake relief to consumers.
The SEA said, "Even though international prices of all these edible oils have risen substantially, the duty reduction by the government has cushioned the impact for the consumers.” As a 7-11% reduction in wholesale prices of refined soy and refined sunflower was observed.
The edible oil’s demand is met through import over 60%. So any rise in global prices will directly impact the domestic prices.