The Indian government plans to reduce prices of edible oil by Rs 10 per litre

With the sharp downfall in oil prices, the Indian government announced on July 6 that it would reduce the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre within a week and to maintain a consistent MRP of the same brand of oil throughout the country.

Because India imports more than 60% of its edible oil, retail prices have been under pressure in recent months, following indications from the global market. However, there has been a correction, which has resulted in a drop in worldwide prices.

Last month, edible oil manufacturers cut prices by up to Rs 10–15 per litre, and prior to that, they decreased the MRP based on global supply and demand.

Food Secretary Sudhanshu Pandey convened a meeting of all edible oil groups and key producers to review the present trend and pass on the lower worldwide pricing to consumers by lowering the MRP.

"We made a detailed presentation and told them that global prices have declined by 10 per cent in last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP," Pandey said.

Major edible oil manufacturers have promised to reduce the MRP by up to Rs 10 per litre in all imported edible oils such as palm oil, soyabean oil, and sunflower oil by next week, he said, adding that once the prices of these edible oils are reduced, the rates of other cooking oils will be reduced as well.

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