As a Holi present to customers, the Solvent Extractors' Association of India (SEA) has requested its members to decrease the maximum retail price (MRP) on edible oils by 3,000 to 5,000 rupees per tonne with immediate effect. This equates to a weight loss of 3-5 kg.
In a statement, SEA President Atul Chaturvedi said that while members of the association are battling to maintain a seamless supply chain of edible oils, they are supportive of the government's aggressive initiatives. To soften prices, SEA has requested and urged its members to cut the MRP on edible oils with immediate effect.
"This tiny Holi present from our members should bring some colour to the festivities," he remarked.
The association has requested its members to lower costs for the third time in four months. The organization had previously requested its members to lower cooking oil rates before Diwali in November and later in December.
According to the report, global edible oil costs are soaring, and this 'imported inflation' is causing restless nights for all parties, including hapless Indian customers. He went on to say that the prices aren't showing any signs of slowing down any time soon.
Some exporting countries, such as Indonesia, have begun to regulate palm oil exports through licencing.
He claimed that tensions between Russia and Ukraine in the Black Sea region have put fuel to the fire in terms of the region's sunflower oil complex. As a result of the wet weather in Brazil caused by La Nia, the soya crop in Latin America has been substantially reduced.
"What's encouraging in this scenario is that the domestic mustard crop is looking well, and we're expecting an all-time record crop this year, which may provide some relief to consumers," he said.
The Centre has also been quite proactive in taking immediate action to lower prices before the new mustard harvest arrives in the market yards. Import duties on crude palm oil were recently reduced by 50%.
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