-KH News Desk (cbdigital@imaws.org)
As the price of imported edible oils is continuing to fall on a global scale, the local edible oil market must ensure that prices fall proportionately, stated The Food Ministry during the meeting, chaired by food secretary Sanjeev Chopra, with the industry representatives.
As a result of lower worldwide pricing and lower import taxes on edible oils, the price of oil has decreased. The sector was therefore encouraged to make sure that the full benefit of the lower foreign costs was always passed on to the customers, the ministry noted.
“The leading edible oil associations were advised to take up the issue with their members immediately and ensure that the maximum retail price (MRP) of major edible oils to be reduced further by Rs 8-12 per litre with immediate effect,“ the ministry said in a statement released after the meeting.
The drop in oil costs followed a drop in global prices and a decrease in the import tax on edible oils, which made them more affordable. The edible oil industry was then advised to make sure that the full benefit of the lower foreign costs was always passed on to the customers, the ministry noted. Other issues like price data collection and packaging of edible oils were also discussed in the meeting.
