The Central Government stated that retail prices of edible oils across the country are higher than the global market a year ago but they have declined since October, 2021. As per the trend of 167 Value Collection Centers, retail prices of edible oils in major retail markets across the country have fallen sharply by Rs. 5-20 per kg.
Average retail price of edible oils
According to data from the Ministry of Consumer Affairs, the average retail price of groundnut oil is around Rs 180 per kg, mustard oil Rs 184.59 per kg, soya oil Rs 148.85 per kg and sunflower oil Rs 162.4 per kg. And palm oil was Rs. 128.5 per kg.
How much has the price of edible oils come down?
As per the trend of 167 Value Collection Centers, retail prices of edible oils in major retail markets across the country have fallen sharply by Rs. 5-20 per kg.
However, when compared with the prices that prevailed on October 1, 2021, the retail prices of groundnut and mustard oils have declined by Rs 1.50-3 per kg, while prices of soya and sunflower oils have dropped by Rs 7-8 per kg now, the data showed.
Government’s Efforts to Bring Edible Oil Prices Under Control:
The government's most recent move to limit the cost of various oils is in the country was by placing it in the Schedule to the Essential Commodities Act, 1955, a stock limit on soya meal, a major source of protein that accounts for over 30% of livestock feed, has been imposed with effect from December 23, 2021 to June 20, 2022.
This will lower prices while increasing supply. The government has also put a one-year moratorium on futures trading in all critical commodities, which will last until December 2022.
