Edible oil prices in the retail market have started easing with softening of international rates and the government's timely intervention, Food Secretary Sudhanshu Pandey said on Wednesday.
As per government data, the average retail prices of packaged edible oils have ease slightly, except for groundnut oil, across the country since the beginning of this month and are ruling between Rs 150 and 190 per kg.
Last week, edible oil firms Adani Wilmar and Mother Dairy reduced the MRP (maximum retail price) for different varieties of cooking oils by Rs 10-15 per litre. Both the companies said the stock with new MRPs will hit the market shortly.
"Trends in edible oils prices are very positive due to the government's timely intervention and global developments," Pandey told reporters.
Not only edible oils, retail wheat and wheat flour prices are stable as well, he said, adding that regulations have been useful in keeping domestic prices in check.
A senior food ministry official said major edible oil brands have reduced MRP in phases and most recently they cut the price by Rs 10-15 per litre.
As per the data compiled by the Department of Consumer Affairs, the average retail prices of groundnut oil (packaged) stood at Rs 188.14 per kg on June 21 as against Rs 186.43 per kg on June 1.
Mustard oil rates have come down marginally to Rs 180.85 on June 21 from Rs 183.68 per kg on June 1. Vanaspati price is flat at Rs 165 per kg.
The price of soya oil is marginally down to Rs 167.67 from Rs 169.65, while rate of sunflower dipped slightly to 189.99 from Rs 193 per kg.
Palm oil rate has come down to Rs 152.52 per kg on June 21 from Rs 156.4 per kg on June 1.
The department monitors prices for 22 essential commodities (rice, wheat, atta, gram dal, tur (Arhar) dal, urad dal, moong dal, masur dal, sugar, gur, groundnut oil, mustard oil, vanaspati, sunflower oil, soya oil, palm oil, tea, milk, potato, onion, tomato and salt) based on data collected from 167 market centres spread across the country representing North, West, East, South and North-eastern regions.
The retail and wholesale prices of 22 commodities from 167 centres are received daily from the State Civil Supplies Departments of the respective state governments through a mobile app developed by the Centre's Department of Consumer Affairs.
Adani Wilmar on Saturday cut the prices of its edible oils by Rs 10 per litre. The MRP of Fortune refined Sunflower oil’s 1-litre pack has been reduced to Rs 210 from Rs 220 per litre. The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced to Rs 195 from Rs 205 per litre.
Mother Dairy, one of the leading milk suppliers in Delhi-NCR, last week said it has reduced prices of its cooking oils by up to Rs 15 per litre with softening of rates in global markets. The company sells its edible oils under the Dhara brand.
The price of Dhara mustard oil (1 litre poly pack) has been reduced from Rs 208 to Rs 193 per litre.
Dhara refined sunflower oil (1 litre poly pack) will be sold at Rs 220 now from Rs 235 per litre earlier. The rate of Dhara refined soyabean oil (1 litre poly pack) will come down from Rs 209 to Rs 194.
India imports more than 60 per cent of its edible oil requirement.
India's import of edible oil remained almost flat at 131.3 lakh tonnes during the 2020-21 marketing year (November-October), but in value terms, inwards shipments rose 63 per cent to record Rs 1.17 lakh crore, according to data compiled by the Solvent Extractors' Association of India (SEA).
The import of vegetable oils (edible and non-edible) during first seven months of 2021-22 oil marketing year, ending October, rose 1 per cent to 77,68,990 tonnes compared to 76,77,998 tonnes in the corresponding period of the preceding oil year.