Edible oil industry told to cut prices by Rs 8 to 12 as global rates fall

The government directed the edible oil industry to cut retail prices of the essential commodity by Rs 8 to Rs 12 with immediate effect in the light of the fact that international rates have sharply fallen in the last two months

NEW DELHI — The government on Friday directed the edible oil industry to cut retail prices of the essential commodity by Rs 8 to Rs 12 with immediate effect in the light of the fact that international rates have sharply fallen in the last two months.

Secretary, Food and Public Distribution Sanjeev Chopra gave this direction to representatives of edible oil associations in a meeting, where they were specifically told to pass on the benefits of lower edible oil prices to consumers, as the industry informed that global prices of different edible oils have fallen by $150-200 per tonne in the last two months.

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In the light of this fact, sources informed that edible oil prices are expected to come down in the next few days.

Chopra is learnt to have directed the edible oil producers to pass on the benefit of lower prices to consumers expeditiously and without any delay.

The industry was also informed that the price to distributors by the manufacturers and refiners also needs to be reduced with immediate effect so that the drop is not diluted in any way.

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Friday's meeting was the second in the past few weeks with edible oil associations, to discuss reduction in retail prices of the commodity, sources said.

The representatives present in the meeting included Solvent Extraction Association of India (SEAI) and Indian Vegetable Oil Producers' Association (IVPA) among others.