Government takes measures to slash edible oil prices | Fusion - WeRIndia

Government takes measures to slash edible oil prices

Government takes measures to slash edible oil prices

The rising inflation and prices of essential goods and skyrocketing fuel prices are troubling citizens. To provide relief to them, the government reduced import duty on edible oils, due to which their prices have come down by 20%.

The central government directed oil companies to pass on the benefit to end customers. It also issued certain instructions on this matter.

The Department of Food and Public Distribution Secretary Dr Sudhanshu Pandey asked all state governments to take adequate steps for this. He also asked them to check the MRP of cooking oils in their respective states.

If oil companies slash the prices of cooking oils, a reduction of about ₹30 will be seen in their prices.

Dr Pandey noticed a reduction in the retail prices of various cooking oil during a conference with oil companies. They presented their reduced retail prices at that conference. The reduction in the oil price varies with each company, ranging from ₹10 to ₹40.

In this context, he said that domestic prices are influenced by the international prices if the country majorly depends on imports. The increasing cooking oil prices are a great concern. So, the government reduced the import duty to almost zero on edible oils; it eventually led to a reduction in oil prices of various brands.

The government asked the companies to pass on the benefit to the customers by slashing edible oil prices.

Dr Pandey also said that the government has been monitoring the prices of all essential goods like pulses, edible oil, rice, wheat, vegetables like tomato, potato, onion etc.

He added that the prices of cooking oil have come down, and the prices of pulses, rice and wheat have stabilized. The prices of tomatoes, potatoes and onions also have come down. They will be more stable as per the data of prospective projections.

Image by Bru-nO from Pixabay (Free for commercial use)

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