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Huge Fall Sees In The Cost Of Oil Check New Rates Here

New Delhi [India], November 11: The government on Friday said prices of essential commodities, especially edible oils, have reported a decline in October, 2022 this year compared to previous years.

The decline in prices is due to a series of proactive and pre-emptive measures taken by the government to augment domestic availability and stabilise prices of essential food commodities, according to a statement of the ministry of consumer affairs, food and public distribution.

The statement said a committee was in place in the Department of Food and Public Distribution and that it reviews the prices of all major commodities which recommends appropriate timely measures to keep a tab on the prices and at the same time also keep the interest of the farmers, industries and consumers in view

Various measures like reduction in import duties and cess on pulses, rationalisation of tariff, imposition of stock limits on edible oils and oilseeds, buffer stock maintenance of onion and pulses have all helped in restraining the soaring commodity prices due to pandemic induced, supply-demand imbalances, according to the statement released on Friday.

Currently, the edible oil prices in the international market are witnessing a firm situation, it said, adding that due to consistent monitoring and series of interactions with the edible oil industry, the government has ensured that the benefit of the previously declined prices in the international prices of edible oil is being passed on to the consumers.

As per the edible oil industry sources and current data, the global prices of different edible oils have fallen by $200-300 per tonne in the last two months. This decline has started to reflect in the retail markets. The retail prices of edible oils are expected to come down further in the coming days, according to ministry of consumer affairs, food and public distribution.

In last three months, all India average domestic retail prices of refined sunflower oil had decreased to Rs 170/kg from Rs 181/kg, in case of Vanaspati prices decreased from Rs 154/kg to Rs 146/kg and for refined soyabean from Rs 157/kg to Rs 154/kg. Mustard oil prices decreased from Rs 173/kg to Rs 170/kg. All India average domestic retail prices of RBD Palmolein has decreased to Rs 119/kg from Rs 138/kg, according to the statement.

The ministry statement said reduction in oil prices came as a result of Centre’s decision to reduce the import duty on edible oils making them cheaper. The industry has been asked to ensure that the complete benefit of the reduced duty is passed on to the consumers invariably.

All India retail prices of RBD Palmolein, refined soyabean oil, refined sunflower oil, mustard oil and vanaspati decreased by 26 per cent, 9 per cent, 12 per cent, 9 per cent and 11 per cent during last six months. (ANI)

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