The Centre also asked the companies to maintain uniformity of MRP for the same brand of edible oil across the country
In a bid to provide relief to consumers amid rising prices, the Centre has asked the edible oil manufacturing and marketing companies to cut the maximum retail price (MRP) of imported cooking oils by up to Rs 10-12 per litre. The central government told the companies to implement the change in prices within a week. This move came after the prices of edible oils had reduced significantly in the international market in the last few days. India meets around 56 per cent of its annual edible oil demand from imports. Hence, a dip in the edible oil prices in the international market have a direct impact on the local market.
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All the major producers of edible oils, including Adani Wilmar and Ruchi Soya have agreed to revise the retail prices in the next 7-10 days, according to reports.
The Centre also asked the companies to maintain uniformity of MRP for the same brand of edible oil across the country.
Read More: Govt Asks Firms to Cut Edible Oil Price by Up To Rs 10/Litre, Maintain Uniform MRP Across India
The retail prices of edible oils — mustard, sunflower, soyabean and palm oil — have reduced by 5-11 per cent in the country since June 1, according to the data provided by the department of consumer affairs. “All major edible oil brands cut prices by Rs 10-15 per litre,” the Centre had said in a statement on June 22. It helped to cool down the wholesale and retail prices of vanaspati, soyabean oil, sunflower oil and palm oil in the country.
