Monday, September 25, 2023

Edible Oil Prices: There will be more relief from inflation, now food can be so low…

After being troubled by inflation for a long time, the common people in the country have started getting relief. The rate of retail inflation has come down below 5 percent, due to which both the government and the Reserve Bank (RBI) have heaved a sigh of relief. On the other hand, common people can get more relief on this front in the coming days. There is talk that there may be further reduction in the prices of edible oils in the coming days.

MRP may come down by this much

According to a report in Business Today, the Center The government has asked oil companies to immediately reduce the prices of edible oils. According to the report, a meeting was held with the representatives of organizations of edible oil companies of the Central Government on Friday last week in this regard. In the meeting, the government asked the edible oil companies to reduce the maximum retail price (MRP) of edible oils by Rs 8-12 per liter with immediate effect.

Many companies have reduced the price

< p>The government has already given instructions to the oil companies to reduce the prices. Many companies have also implemented the previous instructions of the government and the common people have started getting the benefit of cheap edible oil. The government has made it clear this time that the companies which have not yet implemented the instructions to reduce the MRP, should take immediate steps in this direction.

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Meeting for the second time in a month

< p>The government says that the prices of edible oil are continuing to fall. For this reason further reduction should be done by the edible oil industry. This is the second meeting within a month to bring down the retail prices of edible oils amid a steady fall in global prices. Industry representatives, including the Solvent Extraction Association of India and the Indian Vegetable Oil Producers Association, were present in the meeting.

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Benefits reaching the end consumer

In the meeting, the ministry said that imported edible oils The international prices of edible oil continue to decline. Therefore, the edible oil industry needs to ensure that the prices in the domestic market also decline proportionately. The industry has been asked to ensure that maximum benefit of reduction in prices in the global market reaches the end consumers.

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