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The Solvent Extractors’ Association of India (SEA) has urged its members to reduce the maximum retail price (MRP) of edible oils.
Ajay Jhunjhunwala, President of SEA of India, said the Department of Food and Public Distribution, Government of India, regularly reviews the price of edible oils. Though international prices have declined sharply in the last six months, particularly over the last 60 days, local prices have not come down in line with the international market in spite of bumper crops of groundnut, soyabean and mustard.
While most brands have reduced prices in the past, the prevailing MRP of packed edible oil in the market is not in line with current prices in the international market. The MRP in the domestic market seems to be on the higher side considering the prevailing market scenario, he said.
“The Department of Food and Public Distribution has advised SEA to inform its members to reduce MRP on edible oils and pass on the benefits to consumers. In view of this, we would like to advise all members to reduce MRP in line with the falling prices of edible oils and send us the details of reduction in MRP by them in the last three months, to enable us to convey the same to the Department of Food and Public Distribution,” he said.
Data available with the Price Monitoring Division of Department of Consumer Affairs show that there has been a decline in the retail prices of major edible oils in the last year.
Retail price vs CIF rate
The all-India average retail price of mustard oil was ₹151.37/kg on May 1 against ₹155.17/kg on April 1, recording a decline of 2.45 per cent.
However, the all-India average retail price of mustard oil was ₹183.19 /kg on May 1, 2022. The all-India average retail price of mustard oil declined by 17.37 per cent in the last year.
The all-India average retail price of soyabean oil was ₹136.97/kg on May 1 against ₹140.52/kg on April 1, recording a decline of 2.53 per cent.
However, the all-India average retail price of soyabean oil was at ₹166.57/kg on May 1, 2022. It declined by 17.77 per cent in the last year.
The average CIF price of imported crude soyabean oil came down from $1,854 a tonne in March 2022 to $1,155 a tonne in March 2023.
The all-India average retail price of sunflower oil was ₹147.06/kg on May 1 against ₹151.01/kg on April 1, recording a decline of 2.62 per cent.
However, the all-India average retail price of sunflower oil was at ₹188.22/kg on May 1, 2022. The all-India average retail price of sunflower oil declined by 21.87 per cent in the last year.
The average CIF price of imported crude sunflower oil came down from $2125 a tonne in March 2022 to $1108 a tonne in March 2023.
The all-India average retail price of palm oil was ₹110.25/kg on May 1 against ₹111.26 a kg on April 1, recording a decline of 0.91 per cent.
However, its all-India average retail price was at ₹155.89/kg on May 1, 2022. This price declined by 29.28 per cent in the last year.
The average CIF price of imported crude palm oil came down from $1,828 a tonne in March 2022 to $1,024 a tonne in March 2023.
The all-India average retail price of groundnut oil was ₹187.05 a kg on May 1 against ₹188.9 a kg on April 1, recording a decline of 0.98 per cent. However, all-India average retail price of groundnut oil was at ₹183.81 a kg in May 2022.
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