The effect of the second reduction in import duty on palm, soya, and sunflower oil is now visible. The wholesale and retail prices of cooking oils have come down during the last week. But the retail price of mustard oil has increased instead of decreasing. The price of mustard oil had touched Rs 180 per liter from Rs 173 a liter a month ago.
The average retail price of cooking oils has come down marginally in the last month. This was stated by the Department of Price Monitoring in the Ministry of Consumer Affairs. The average retail price of sunflower oil on Friday stood at Rs 167 per liter. However, according to the department, the retail price of sunflower oil stood at Rs 174 last week as against Rs 171 per liter a month ago.
Similarly, the average retail price of palm oil, which stood at Rs 134 last week, came down to Rs 132 per liter on Friday. But there has been no change in the average retail price of soybean oil in the last week. Amidst all this, the average retail price of mustard oil is increasing continuously.
The Solvent Extractors Association of India (SEAI) has requested for reduction in the import duty of mustard-like soya and sunflower oils. He says that to control the sharp jump in the price of mustard oils. The government should reduce the import duty of mustard more than other oils. SEAI made this appeal to the government due to less arrival of mustard in the market.
According to the Ministry of Consumer Affairs, "The need for more transparency in pricing was felt after consultations with all the states and industry associations associated with edible oils. In view of this, the Food Ministry has started creating a web portal to monitor the stock of edible oils and oilseeds on a weekly basis across the country.
The ministry said that the data received from oil mills, oil processors, stockists, and wholesalers, etc. will be put on the portal. States have been asked to prominently display the retail prices of oils to ensure transparency in prices across the country.
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