Centre tells edible oil cos to cut prices by `15/L

New Delhi: In continuation to the measures taken by the government to bring down the prices of edible oils, the Centre on Friday asked all major edible oil associations to cut down the prices of edible oils by Rs 15/litre with immediate effect.

The Centre has also asked manufacturers and refiners to immediately reduce the price at the distributor level so that the price drop is not diluted in any way.

According to the official statement released by the Ministry of Consumer Affairs, Food & Public Distribution on Friday, the department through its official communiqué has directed leading edible oil associations to ensure a reduction in the MRP of edible oils by Rs 15 with immediate effect.

Acting tough against the errant firms, the ministry has directed the companies having higher MRP than other brands to reduce their prices at the earliest. The direction regarding the reduction of prices was given to the edible oil associations during a meeting that was held on Wednesday.

"During the meeting it was discussed that the international prices of imported edible oils are on a downward trend which is a very positive picture in the edible oil scenario and, therefore, the domestic edible oil industry needs to ensure that the prices in the domestic market also drop commensurately," the ministry said in a statement. "This price drop has to be passed on expeditiously to consumers without in a laggard fashion. Other issues like price data collection, control order on edible oils, and packaging of edible oils were also discussed in this meeting," it said.

In May 2022, the department had convened a meeting with the leading edible oil associations. Following the meeting prices of several popular edible oil brands were reduced.

The maximum retail price of refined sunflower oil for a one-litre pack was decreased to Rs 210 from Rs 220 and MRP of Soyabean and Kachi Ghani oil (1-litre pack) was reduced from Rs 205 to Rs 195.