Edible oil prices likely to drop further amidst fall in global prices

Industry sources informed that they have reduced the MRP and it will be further reduced shortly. However, there is an element of time lag in transmission of the price cut to the retail markets and the retail prices are soon expected to come down further.

edible oil

Consumers across the country can expect further drop in the prices of edible oil. This is mainly due to the fall in prices of different edible oils globally. The Department of Food and Public Distribution secretary, Sanjeev Chopra convened a second meeting with the leading industry representatives including the Solvent Extraction Association of India (SEAI) and the Indian Vegetable Oil Producers’ Association (IVPA) in Delhi today.

It is pertinent to mention here that the global prices of different edible oils have fallen by USD 150-200 per tonne in the last two months. Industry sources informed that they have reduced the MRP and it will be further reduced shortly. However, there is an element of time lag in transmission of the price cut to the retail markets and the retail prices are soon expected to come down further, reported PIB.