India: Edible oil prices down Rs 8-10 per kg in the last 30 days

Published 2021년 12월 11일

Tridge summary

Edible oil prices in India have seen a decrease of Rs 8-10 per kg in the last month, driven by lower import duties and an anticipated further drop of Rs 3-4 per kg due to increased domestic oilseed production and a bearish global market trend. The Solvent Extractors’ Association of India (SEA) has urged its members to pass on the price reduction to consumers, which is expected to be facilitated by a bumper domestic crop of soyabeans and groundnuts, along with an record planting of mustard crops. This development is expected to alleviate the financial strain on consumers caused by previous surges in international oil prices.

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Original content

Edible oil prices declined by Rs 8-10 per kg in last one month mainly on the back of lower import duties and may fall by Rs 3-4 per kg in coming months on higher domestic output of oilseeds and bearish trend in global markets, according to industry body SEA.“The last few months have been harrowing for the Indian edible oil consumer largely on account of very high international prices of all oils viz palm, soya and sunflower,” Solvent Extractors’ Association of India (SEA) President Atul Chaturvedi said in a statement.SEA had advised its members before Diwali to reduce prices to the maximum extent possible, he said, adding that the Centre also reduced import duties on edible oils.“We are happy to confirm all these actions have resulted in edible oil prices coming down by around Rs 8-10 per kg in the last 30 days,” Chaturvedi said.SEA said its members have been responding promptly in the past in passing on the benefit of lower prices to the consumers.“With likelihood of lower import ...

Source: Financialexpress