Govt asks edible oil firms to cut cooking oil prices as global prices fall
The Centre on Thursday asked edible oil companies to cut the prices of cooking oils in line with the fall in global prices for the benefit of consumers.
A major importer of edible oils, India imported cooking oils worth Rs 1.57 lakh crore during 2021-22 marketing year (November-October).
It buys palm oil from Malaysia and Indonesia while soyabean oil is being imported from Argentina and Brazil.
"The decline in the price of edible oils should be passed on to consumers expeditiously," Food Secretary Sanjeev Chopra said during a meeting with leading industry representatives here.
Representatives from Solvent Extraction Association of India (SEA) and Indian Vegetable Oil Producers' Association (IVPA) were present at the meeting to discuss further reduction in the retail prices of cooking oils amidst a fall in the global prices, an official statement said.
Mother Dairy, which sells cooking oils under Dhara brand, on Thursday said it has reduced the maximum retail prices by Rs 15-20 per