Wholesale edible oils prices in India to be reduced

Published Nov 2, 2021

Tridge summary

The Indian government has successfully reduced the average retail prices of palm oil by 21.59% in just one month, from Rs 169.6 to Rs 132.98 per kg, due to various measures including significant import duty cuts. While palm oil prices dropped, the prices for soybean oil, peanut butter, mustard oil, and sunflower oil remained stable. The Vegetable Oil Producers Association (SEA) announced plans to further lower edible oil prices for the upcoming Diwali celebration, demonstrating the government's and industry's commitment to mitigating the impact of rising global prices on local consumers.

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Original content

Thanks to government measures, average retail prices for palm oil have already decreased by 21.59% from Rs 169.6 per kg (as of October 1) to Rs 132.98 per kg (as of October 31). The average retail price for soybean oil slightly decreased to 153 rupees per kg from 155.65 rupees per kg during the same period. However, average retail prices for peanut butter, mustard oil and sunflower oil remained unchanged at Rs 181.97 / kg, Rs 184.99 / kg and Rs 168 / kg respectively as of October 31, ministry data showed. To further alleviate the plight of consumers, the Vegetable Oil Producers Association (SEA) said: “SEA members have decided to further reduce the price of edible oils from Rs 3,000 to 5,000 per tonne in view of the Diwali celebration. ) ". SEA members are responsive to consumer needs and lower selling prices, the statement said. To check prices, the government took a number of measures, including a sharp cut in import duties in the second week of October, which helped control ...

Source: Oilworld