Edible oil prices down up to 20% in certain categories, says govt

Prices of edible oil are showing a declining trend across a wide array of oils, the Food and Consumer Affairs Ministry said on Wednesday.

As per the data from the Department of Consumer Affairs, the prices of edible oils are now coming down over the past month, and in some cases, the decline is by as much as nearly 20 percent, as shown in prices in Mumbai.

It said the price of palm oil was Rs 142 per kg on May 7 but has come down to Rs 115 per kg, a drop of 19 per cent, and of sunflower oil, which was Rs 188 per kg on May 5, is now at Rs 157 per kg, a drop of 16 per cent.

The price of soya oil was Rs 162 per kg on May 20, but has dropped 15 percent to Rs 138 per kg in Mumbai, while mustard oil, which was Rs 175 per kg on May 16, is now down to Rs 157 per kg, a drop of nearly 10 percent, and groundnut oil at Rs 190 per kg on May 14 has now down to Rs 174 per kg, a drop of 8 percent.

Vanaspati was Rs 154 per kg on May 2 and now has come down to Rs 141 per kg, a drop of 8 percent.

The Ministry said the prices of edible oil are dependent on a complex set of factors which also include international prices, and domestic production. As the gap between domestic consumption and production is high, India has to import a significant amount of edible oil, it said, adding that the government is working on a series of mid- and long-term measures to resolve the issue on a permanent basis.

The measures will contribute towards making India 'Atma Nirbhar' in edible oils, which is a key ingredient in cooking of food in India.