In India, prices of cooking oils except mustard oil drops

Published Oct 9, 2021

Tridge summary

The Indian government has successfully reduced the retail prices of cooking oils, excluding mustard oil, in the domestic market despite a global rise in edible oil prices. This achievement is due to the government's decision to lower import duties on crude and refined edible oils, effective September 11. International prices of edible oils have risen, but the overall impact on domestic prices is a decline of up to 8.58 percent. The government's anti-hoarding measures and encouragement of transparent pricing are aimed at benefiting consumers. Additionally, the government has implemented measures to increase the domestic supply and control costs of food items like basmati rice, pulses, and wheat by reducing base customs duties on various edible oils.

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

Original content

The government said that retail prices of cooking oils, excluding mustard oil has dropped in the domestic market despite a rise in worldwide rates as a result of its decision to lower import duties on crude and refined edible oils. According to an official statement, international prices of edible oils have increased by 1.95 %to 7.17 % as a result of the reduction in import duties. Domestic retail prices have decreased by 0.22 %to 1.83 % after the duty reduction on imported edible oils, which took effect on September 11. Taking worldwide rising prices into account, the overall impact on rates is decline in the range of 3.26 percent to 8.58 percent since September 10. "Necessary policy intervention by the Central Government in the form of duty reduction is proving to be beneficial for general consumers," according to the statement. It did, however, that "mustard oil is solely domestic oil, and its prices are likely to soften as a result of a variety of other measures the government ...

Source: Krishi Jagran