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Branded edible oil companies have reduced the prices of soya, palm and sunflower oils by up to Rs 15 per litre. This step has been taken in view of the improvement in the supply of oils since the end of May. Companies say that demand and supply are expected to increase in June as compared to May. Due to this, the prices may come down a little more in the coming time.
Sudhakar Rao Desai, President, Indian Vegetable Oil Producers Association, told AnyTV that there has been a softening in international oil prices and due to this, its effect has been seen here as well. We are passing this benefit to our customers. He said that those who are premium brands may take some time to pass on the benefit of this deduction.
Palm oil cheaper up to Rs 8
Oil companies have made palm oil cheaper by Rs 7 to 8 while sunflower oil has been reduced by Rs 10-15. The price of soybean oil has decreased by Rs 5 a liter. The Maximum Retail Price (MRP) of all oils has also been reduced. However, the oil with the new MRP will be able to reach the market only by next week. Gemini Company has also reduced the price of sunflower oil by Rs 15 per liter to Rs 220. Next week it plans to reduce Rs 20 more.
Imports exceeded 1 million tonnes in May
According to Desai, more than 10-11 lakh tonnes of oil has been imported in the month of May. It has 6 lakh tonnes of palm oil and 3 lakh tonnes of soya oil. While the rest are other oils. In the month of June also the import is expected to be 9-10 lakh tonnes. This includes soy, palm and sunflower oils.
Sales fell in May
According to experts, the fall in oil prices will have a direct impact on food inflation, which is quite high at the moment. The contribution of edible oils and fats in May inflation was more than 13.26 per cent, as their prices had risen sharply in a year.
Center had reduced duty
For some time, the central government had also cut the import duty of edible oils, which helped in bringing down the prices of oils. According to consumer ministry data, the price of soya oil has come down from Rs 170.27 to Rs 168.57 and palm oil from Rs 158.61 to Rs 154.42 in a month.