Food Ministry asks edible oil companies to cut prices by up to Rs 10/litre within a week

The food ministry on Wednesday asked the oil producing companies to cut the MRP of edible oils by up to Rs 10/litre within a week.

According to PTI reports, Food Secretary Sudhanshu Pandey made the announcement after a meeting with edible oil industry bodies and manufacturers to discuss reduction in the retail prices of cooking oils amid a fall in global prices.

Earlier in the day, speaking on the sidelines of a conference, Pandey informed that a meeting has been called with edible oil companies.

"We will tell them to pass on the benefits of reduction in global prices to consumers," he had said.

Last month, the Food Secretary had said that the edible oil prices in the retail market have started easing with softening of international rates and the government's timely intervention.

Last month, many edible oil firms reduced their prices by Rs 10-15 per litre.

India imports more than 60 per cent of its edible oil requirement.

Import of edible oil remained almost flat at 131.3 lakh tonnes during the 2020-21 marketing year (November-October), according to the SEA.

(with PTI inputs)

this is a developing story

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