Retail prices for edible oils to fall as rates fall globally

In response to falling edible oil prices in global markets, the Solvent Extractors' Association (SEA) of India (SEA) advised its members on May 2 to lower retail prices.

According to the Department of Food and Public Distribution, the body should inform members to reduce MRP on edible oils and pass on the benefits of lower prices for groundnut, soy, and mustard to consumers. The department regularly reviews the price of edible oil in the country.

There has been a sharp drop in international prices over the past six months, particularly in the last 60 days. According to SEA President Ajay Jhunjhunwala, despite bumper crops of groundnut, soy, and mustard, local prices have not declined in line with international prices.

“While most of the brands have reduced prices in the past, the prevailing MRP of the packed edible oil in the market is not in line with the current prices as in the international market,” he said.

Additionally, the industry body wants the government to know how much MRP has been reduced by the companies in the last three months.

India imports 60 percent of its vegetable oil needs and is the second-largest consumer of vegetable oil in the world.