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Government convenes meeting with edible oil companies today, will retail prices be reduced? Know what is the plan

Edible Oil: The Food Ministry has called a meeting of edible oil industry bodies and manufacturers today. In the meeting, measures will be discussed to bring down the retail prices of edible oil in line with the fall in international prices. Food Secretary Sudhanshu Pandey said on the sidelines of the State Food Ministers’ Conference that a meeting has been called with edible oil companies.

Edible oil rates reduced by $ 300 to $ 450 per ton
When contacted, Solvent Extractors Association of India (SEA) Executive Director BV Mehta said that the prices of various types of edible oils have come down by $300-450 a tonne in the last one month. However, it will take some time to see its effect in the retail market.

Rates are also decreasing in the retail market
BV Mehta said that the retail prices of edible oils will come down in the coming days. Sudhanshu Pandey had said on June 22 that the prices of edible oils have started coming down in the retail market. Last month, several edible oil companies had cut prices by Rs 10 to 15 per liter.

60 percent of India’s edible oil requirement is met by imports
India meets 60 per cent of its edible oil requirement through imports. This year saw a sharp jump in edible oil prices due to Ukraine-Russia war as these countries export the bulk of the global edible oil requirements. India also imports major edible oils like palm oil from Ukraine and negative effects are being seen on them for a long time.

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