Edible oil prices down by Rs 15 to 25 per litre, record rise in procurement of oilseeds

New Delhi: The prices of packed mustard, soy and palm oil are down by Rs 15 to 25 per litre.

Timely government interventions on multiple fronts have led to a falling trend in edible oil prices, a press release by the Ministry of Information and Broadcasting said.

There has been a significant decrease in the average monthly retail prices of major packed edible oils in the last few months.

Prices as on 17 July

The retail prices of packed mustard oil which were above Rs. 200 per litre in March 2022 are now around Rs. 184 per litre, the press release added.

Similarly, packed soya oil which was trading around Rs. 180 per litre in March and had peaked at around Rs. 200 per litre in May 2022 has now come down to Rs. 166 per litre.

The retail prices of packed Palm Oil which was around Rs. 165 per litre in March 2022 and climbed to Rs. 175 per litre in May 2022 have now dropped down below Rs. 150 per litre.

Apart from this, a record increase in the production of oilseeds has been reported.

According to the MIB press release, the average yields of oilseeds have exponentially increased to 1292 kg/ha in 2021-22 from 968 kg/ha in 2015-16.

Oilseed procurement also increased 16.22 times during 2016-21 in comparison to 2009-14, the release added.

Apart from this, farmers have benefitted from the record increase in the MSP of the oilseeds.

On 6 July 2022, the Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution in a meeting directed leading Edible Oil Associations to ensure a reduction in the MRP of edible oils by Rs 15/- with immediate effect.

According to the press release, the Centre also advised that the price to distributors by the manufacturers and refiners also needs to be reduced immediately so that the price drop is not diluted in any way.

It was also impressed upon that whenever a reduction in price to distributors is made by the manufacturers/refiners, the benefit should be passed on to the consumers by the industry, the release added.

The falling edible oil prices will help in cooling inflation as well, the Ministry of Information and Broadcasting said.

The global edible oil industry also heaved a sigh of relief as Indonesia scrapped the export levy for all its palm oil products until 31 August.

With inputs from agencies

Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .