The Centre on Wednesday directed edible oil manufacturing companies to further reduce the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre within a week’s time. The move comes amid a drop in global oil prices.
Oil manufacturers have also been told to ensure uniformity of MRP for the same brand of oil across the country.
Retail prices of edible oil have been under stress over the past few months in India owing to rise in global prices. India is vulnerable to this volatility as it depends on imports for 60 percent of its consumption needs.
Manufacturers had to slash prices by up to Rs 10-15 per litre last month carrying on from earlier cuts on the basis of global trends.
A meeting of all edible oil associations and major manufacturers was called by Food Secretary Sudhanshu Pandey to discuss the current global trend on the decline. They were told to pass on the benefit to the consumers by reducing the MRP.
“We made a detailed presentation and told them that global prices have declined by 10 per cent in the last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP," Pandey was quoted by PTI.
The manufacturers have promised to cut the MRP for all oils including palm, soybean and sunflower by next week.
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(With inputs from PTI)
