New Delhi: The price of essential commodities, especially edible oils, reported a decline in September this year compared to previous years, thanks to proactive measures of the Government.
The past trend of Prices shows that in the period preceding the festival seasons which is generally from August to December, there is an increase in prices of edible oils.
In the year 2020, the increase in the edible oils prices was in the range of 7-12% and in the year 2019, it was in the range of 3-8%. However in the current year, this trend has reversed with the domestic prices starting to show a declining trend of 2-9% in the month of August, 2022.
In the last two months, all India average domestic retail of Refined Sunflower Oil 1 litre pack had decreased to Rs. 168 from Rs. 187 and for Refined Soyabean 1 litre pack from Rs. 158 to Rs. 150. All India average domestic retail of RBD Palmolein 1 litre pack has decreased to Rs. 138 from Rs. 121.
The reduction in oil prices came as a result of the Central Government reducing the import duty on edible oils making them cheaper. The industry has been asked to ensure that the complete benefit of the reduced duty is passed on to the consumers invariably.
The All India retail prices of RBD Palmolein, Refined Soyabean Oil, Refined Sunflower Oil and Mustard Oil decreased by 23%, 12%, 13% and 8% during the last 5 months. All India Wholesale prices of RBD Palmolein, Refined Soyabean Oil, Refined Sunflower Oil and Mustard Oil decreased by 25%, 13%, 14% and 9% during the last 5 months.
