The prices of edible oils in the country have increased significantly in the last few years. After taking steps from the government, now the price of edible oils has started coming down again in the wholesale market, but there is still no reduction in the MRP of edible oils in the market. Companies are continuously selling oil to the consumers at the increased MRP.
Oil trade experts say that there has been a big reduction in the price of edible oils in the wholesale market in the last few weeks, but the benefits are not being passed on by the edible oil companies to the consumers yet and more prices are being charged through MRP. are. The government should take immediate action against such companies.
According to a report in Hindustan, based on the current wholesale prices, mustard oil should be available in the market at Rs 154 to 160 per liter, but oil companies are selling it up to Rs 190 per liter with higher MRP. Similarly, on other edible oils like groundnut oil by Rs 70, sunflower oil by Rs 40 and other edible oils by Rs 30-40 more.
Significantly, the government is taking continuous steps to bring the prices of edible oils under control. Since June 2021, the government is continuously reducing the import duty on edible oils. The import duty has been reduced by the government in August, September, December last year and in February and April this year. Import duty on crude palm oil has been reduced from 24.75 to zero. Let us tell you, India imports more than 80 percent of its palm oil from abroad.
Taking a big decision to reduce the price of edible oils in May 2022, the central government has reduced the custom duty on import of 2 million tonnes of crude sunflower and soybean oil to zero till March 31, 2024.