Cooking Oil To Get Cheaper; How Did This Turnaround Take Place?

New Delhi: The Centre has asked the edible oil manufacturing and marketing companies to cut the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre. They have been given only a  week to implement the change in prices within a week. Notably, the prices of edible oils had reduced significantly in the international market in the last few days. India meets around 56 per cent of its annual edible oil demand from imports. Hence, a dip in the edible oil prices in the international market has a direct impact on the local market, News18 reported.

“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,” said  Sudhanshu Pandey, Union food secretary, according to news agency PTI. Pandey called a meeting of all edible oil associations and major manufacturers to discuss the current trend and pass on the falling global prices to consumers by reducing the MRPs.