Members of the Solvent Extractors' Association of India (SEA) have decided to reduce prices of edible oils by ₹3,000 to ₹5,000 per tonne keeping in mind the Diwali festivities.
SEA President Atul Chaturvedi said in a statement that though SEA members are saddled with high duty paid stocks, they are responding to the needs of consumers, and bringing down the prices. “Our members are also aligned to the proactive decisions of the government and have decided to further reduce prices of edible oils by ₹3,000 to ₹5,000 per tonne keeping in mind the Diwali festivities,” he said.
Duty reduction
During the last few months, prices of edible oils had skyrocketed and were showing no signs of moderation. With a view to provide comfort to consumers during festive times, the government drastically reduced import duties in the second week of October. This duty reduction has helped control runaway prices and is now reflected in the domestic wholesale bulk prices, he said.
The price of palmolein oil, which was at ₹ 127 a kg on October 10, came down to ₹119 a litre on October 30. The price of refined soya oil came down to ₹125 a litre on October 30 from ₹134 a litre on October 10. In the case of refined sunflower oil, the price came down to ₹128 a litre on October 30 from ₹142 a litre on October 10.
Also read: Edible oils: Govt hikes tariff value again
He said it is heartening to note that the domestic soyabean and groundnut crops are rebounding this year. Soya crop maybe closer to 120 lakh tonnes and groundnut crop maybe approximately 80 lakh tonnes. Harvesting and marketing is in full swing and putting pressure on the domestic oilseed and oil prices. Both are record crops and augur well for the consumers and will go a long way in reducing the dependence on imports which has reached almost 65 per cent of India's consumption.
Apart from good kharif oilseed crop, the sowing reports coming in for mustard are also bring cheer. The planting numbers could be at an all-time high and one should not be surprised if the magic number of 120 lakh tonnes is achieved if nothing unforeseen happens till the harvest time, he said.
All these developments as well as proactive actions taken by the government are bound to bring succour to our consumers during the ensuing festive and marriage season, he said.