Edible oil prices declined due to steps taken by Centre, says Food and Public Distribution dept

New Delhi [India], November 5 (ANI): Retail prices of edible oil have declined quite significantly due to a number of steps taken by the Centre, said a government official.
Sudhanshu Pandey, Secretary of the Department of Food and Public Distribution said prices of palm, groundnut, soyabean, sunflower and all major oils have gone down.
"Edible oil prices (retail) have declined quite significantly, ranging from a decline of Rs 20, 18, 10, 7 at many places. The decline is witnessed on palm oil, groundnut, soyabean, sunflower and all major oils which constitute roughly about 89 per cent of the total oil basket. For example in Delhi, palm oil is declined by Rs 6, groundnut by Rs 7, soyabean by Rs 5 and sunflower oil by Rs 10," he said.
Speaking to ANI, Pandey said that positive trends in the prices of edible oils have begun to show in the festive season due to many steps taken by the Government of India.
He informed that the government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5 per cent to nil in a bid to reign in a continuous rise in the cooking oil prices since past one year.
The Agri-cess on these Oils has been brought down from 20 per cent to 7.5 per cent for Crude Palm Oil and 5 per cent for Crude Soyabean Oil and Crude Sunflower Oil, he added.
"Consequent upon the above reduction, the total duty is 7.5 per cent for Crude Palm Oil and 5 per cent for Crude Soyabean Oil and Crude Sunflower Oil. The basic duty on RBD Palmolein Oil, Refined Soyabean and Refined Sunflower Oil has been slashed to 17.5 per cent from the current 32.5 per cent," said Pandey.
According to a release by the Ministry of Consumer Affairs, Food & Public Distribution, before reduction, the agricultural infrastructure cess on all forms of Crude Edible Oils was 20 per cent. Post reduction, the effective duty on Crude Palm Oil will be 8.25 per cent, Crude Soyabean Oil and Crude Sunflower Oil will be 5.5 per cent each.
To control prices of edible oils, the government has rationalised import duties on palm oil, sunflower oil and soyabean oil, futures trading in mustard oil on NCDEX has been suspended and stock limits have been imposed, it said.
The Ministry of Consumer Affairs, Food & Public Distribution informed that major edible oils players including Adani Willmar and Ruchi industries have cut wholesale prices by Rs 4-7 per litre. Prices have been reduced to give relief to consumers during the festival season.
"The other players that have reduced the wholesale prices of edible oils are Gemini Edibles & Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-foils and Solvent, Vijay Solvex, Gokul Agro Resources and N.K Proteins," read the release.
The ministry said that despite international commodity prices being high, interventions have been taken by the Centre along with state governments' proactive involvement have led to a reduction in prices of edible oils.
"Edible prices are higher than year ago period but from October onwards there was a declining trend. The government is taking steps to improve the production of secondary edible oils, especially rice bran oil to reduce the import dependence," it said.
Meanwhile, Pandey also informed that there is no proposal to extend Pradhan Mantri Garib Kalyan Yojana.
"Since the economy is in revival mode, as of now there is no proposal to extend Pradhan Mantri Garib Kalyan Yojana," he said while addressing a presser in Delhi. (ANI)