India: Edible oil makers asked by Centre to keep retail prices in check

Published 2024년 9월 17일

Tridge summary

The Department of Food and Public Distribution in India has convened a meeting with representative bodies of the edible oil industry to discuss pricing strategies. The industry is encouraged to maintain the Maximum Retail Price (MRP) of each oil until the exhaustion of imported stocks at low duty. This directive is part of the government's efforts to reduce the burden on consumers by aligning domestic prices with international ones, following a rise in global production and ending stocks of edible oils, which has led to increased imports of cheap oils and decreased domestic prices. To support domestic oilseed farmers and level the playing field for local producers, the government has increased the Basic Customs Duty on various edible oils, effective September 14, 2024.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

New Delhi [India], September 17 (ANI): A meeting was held between the secretary Department of Food and Public Distribution and representatives of various edible oil industry bodies, wherein they discussed the pricing strategy. The associations were advised to ensure that the MRP of each oil is maintained till the availability of edible oil stocks imported at low duty and take up the issue with their members immediately. Earlier also, the MRP of edible oils such as sunflower oil, soyabean oil and mustard oil were reduced by the industry, as per the request from the government. The reduction in oil prices had come in the wake of the reduction of international prices and reduced import duty on edible oils making them cheaper. The industry has been advised from time to time to align the domestic prices with the international prices to reduce the burden on the consumers. The centre has last week increased the Basic Customs Duty on various edible oils to support domestic oilseed prices. ...

Source: Theprint