Following a meeting with the food and consumer affairs ministry on Thursday, edible oil processors and manufacturers decided to lower prices by 10 to 12 rupees in order to pass on savings from falling international costs to customers, according to officials with knowledge of the situation.
“Cooking oil manufacturers have agreed to further slash edible oil prices by ₹10-12 in view of softening global prices. We had a good meeting with them where we made a detailed presentation with data,” said one of the officials, asking not to be named as reported by Hindustan Times.
India is a major importer of edible oils as it imports nearly two-thirds of its edible oil which saw a huge price rise in recent months owing to Russia-Ukraine war and the ban imposed by Indonesia on the export of palm oil to other countries.
The Centre has held three meetings since May with manufacturers to review prices and availability. On July 6, the government had held a similar review and asked edible oil firms to slash retail prices after a meeting with manufacturers, citing falling global prices.
India depends on Indonesia and Malaysia for palm oil imports, and on Ukraine, Argentina, Brazil and Russia for most of its sunflower oil and soyabean oil demand. India’s annual import of edible oil stands at nearly 13 million tonnes.