Edible oil price drops

Oct 8: While international prices of edible oils are soaring, the domestic market has reported a declining trend in prices with exception, informed Department of Food and Public Distribution (DFPD).

   Though the international prices of edible oils have gone up in the range of 1.95% to 7.17% after the import duty reduction, the decreasing trend in domestic prices and net effect (ranges for 3.26% to 8.58% declined) after duty reduction is quite substantial. Necessary policy intervention by Central Government with reference to duty reduction is proving to be beneficial for the general consumers.

  International Prices of Soyabean oil, Sunflower Oil, Crude Palm Oil and RBD Palmolein increased by 1.85%, 3.15%, 8.44 and 10.92% respectively over the month. After the import duty reduction (w.e.f. 11.09.2021) on imported edible oils, domestic retail and wholesale prices reduced in the range of 0.22% to 1.93%. However, Mustard Oil is purely domestic oil and its prices are expected to soften with number of other measures the Government is contemplating.

 Similarly, the wholesale and retail price of Wheat decreased by 5.39% and 3.56% respectively over the year. Wholesale price of Rice decreased by 0.07% while retail price of rice increased by 1.26% over the month.

The Wholesale and Retail prices of Wheat decreased by 7.12% and 4.37% respectively over the year.

     Despite the fact that MSP for Rice & Wheat has gone up (from Rs. 1868/Qtl. to Rs. 1940/Qtl. for Rice and from Rs. 1925/Qtl. to Rs. 1975/Qtl for Wheat) the price of rice and wheat has decreased in the market which is a comforting factor for consumers.

Notably, as on 06.10.2021, taking the reference as on 17.5.2021, the retail prices of gram, tur, urad and moong decreased by 1.08%, 2.65%, 2.83% and 4.99% respectively.

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