The companies have agreed to cut the prices of edible oil by Rs 10-12.
India imports about two-thirds of its edible oil.
The Center also advised that the distributors also need to reduce the price immediately.
New Delhi. Common man can get some relief from inflation. In the coming days, there may be further reduction in the prices of edible oils. According to a report, edible oil processors and manufacturers have agreed to pass on the benefits of the fall in global prices to consumers. According to the report, the companies have agreed to cut the prices of edible oil by Rs 10-12.
According to a report in CNBC Awaaz, an official on condition of anonymity said that in view of softening global prices, cooking oil manufacturers have agreed to cut edible oil prices by Rs 10-12. We had a meeting with him for a detailed presentation with data.
India is a major importer of edible oils
India is a major importer of edible oils as it imports about two-thirds of its edible oil. Prices have risen sharply in recent months due to the Russo-Ukraine war and Indonesia’s ban on palm oil exports to other countries.
Reduced prices in the global market
A few days ago, Indonesia has lifted the ban on the export of palm oil. Therefore, there is a decrease in the prices of edible oil in the international market. After this development, the government believes that there is scope for further reduction in edible oil prices.
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Provide immediate benefits to consumers
The Center also advised that the distributors also need to reduce the price immediately. So that the fall in prices is passed on to the customers immediately without any hesitation. Whenever the price reduction is done by the manufacturers/refiners to the distributors, the benefit should be passed on to the consumers immediately. Also, the department should be informed in this regard on regular basis. Some companies which have not reduced their prices and their MRP is higher than other brands have also been advised to reduce their prices.
FIRST PUBLISHED : August 05, 2022, 13:22 IST