Food ministry calls meeting of edible oil companies for reduction in retail prices

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The food ministry has called a meeting on Wednesday with edible oil industry bodies and manufacturers to discuss reduction in the retail prices of cooking oils amid a fall in global prices. Speaking on the sidelines of a conference, Food Secretary Sudhanshu Pandey informed that a meeting has been called with edible oil companies.

"We will tell them to pass on the benefits of reduction in global prices to consumers," he said. When contacted, Solvent Extractors' Association of India's (SEA) Executive Director B V Mehta said the global prices have fallen by USD 300-450 per tonnes of different edible oils in the last one month, but it takes time to reflect in the retail markets.

He said the retail prices are expected to come down in the coming days. On June 22, Pandey had said that the edible oil prices in the retail market have started easing with softening of international rates and the government's timely intervention.

Last month, many edible oil firms reduced their prices by Rs 10-15 per litre. India imports more than 60 per cent of its edible oil requirement.

Import of edible oil remained almost flat at 131.3 lakh tonnes during the 2020-21 marketing year (November-October), according to the SEA.