New Delhi (India), 4th June 2023: According to PTI, government has requested edible oil associations to decrease the maximum retail price (MRP) of key edible oils by Rs 8-12 per litre with immediate effect in accordance with global market pricing.
Sanjeev Chopra, Secretary of Food and Public Distribution, met with representatives in this respect on Friday. The government has also instructed manufacturers and refiners to immediately decrease the price to distributors so that the price drop is not diluted in any manner.
The food ministry said, “Some companies which have not reduced their prices and their MRP is higher than other brands have also been advised to reduce their prices.”
In a statement released after a meeting, the ministry said, “The leading edible oil associations were advised to take up the issue with their members immediately and ensure that the maximum retail price (MRP) of major edible oils to be reduced further by Rs 8-12 per litre with immediate effect.”
According to the report, the ministry advised the representatives that if manufacturers or refiners reduce their prices to distributors, the benefit should be passed on to consumers by the industry, and the ministry should be kept informed on a regular basis.
The ministry had previously organised a summit with the leading edible oil associations, and the MRP of numerous big brands’ refined soybean and sunflower oils was slashed by Rs 5 to Rs 15 per litre over the course of a month. Mustard oil and other culinary oils have also been reduced.
The price of oil declined as a result of a drop in worldwide prices and lower import taxes on edible oils, making them more cheap. The sector was subsequently instructed to ensure that customers always received the full benefit of the lower global costs.
