Friday, February 23, 2024

Kitchen budget will be reduced before elections, government’s ultimatum to companies ‘reduce oil prices’

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Will the prices of mustard oil become cheaper?Image Credit source: Unsplash

With the inauguration of Ram temple in Ayodhya, election activities have intensified in the country. The budget is also going to come after a few days. Meanwhile, the central government has started preparations to reduce the kitchen budget of the people. Soon, mustard and other edible oils may become cheaper, because the government has asked oil companies to reduce the prices of their products.

The central government has asked edible oil manufacturing companies to bring the prices of their products in line with the international market. The prices of edible oil have come down in the international market.

Mustard oil prices will not reduce till March?

The government may have asked oil companies to reduce prices, but market experts say that there is no possibility of mustard oil prices coming down till March. The price of mustard oil will come down only after the harvesting of the new crop in March.

Meanwhile, Ajay Jhunjhunwala, president of Solvent Extractors Association of India, an organization of oil companies, says, “The Food Supply Ministry has asked to reduce the MRP of soybean, sunflower and palm oil. These have not been changed in accordance with the decline in international prices.

Whereas ET has quoted Adani Wilmar CEO Angshu Malik as saying that there is scope for some immediate reduction in oil prices. But oil prices have remained quite stable. In such a situation, there is no possibility of any major reduction in prices. The company changes the MRP of its products every month, which is based on the market trends of the previous month.

Adani Wilmar is the country’s largest edible oil company. The company does business in the market under the brand name ‘Fortune’.


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