New Delhi: Amid a fall in global prices, the government on Wednesday directed edible oil companies to further reduce the MRP (maximum retail price) of imported cooking oils by up to Rs 10 per litre within a week, and maintain a uniform MRP of the same brand of oil across the country.
As India imports over 60 percent of its edible oil requirement, retail prices came under pressure in the last few months taking cues from the global market. However, there has been a correction, resulting fall in global prices. Edible oil makers had slashed prices by up to Rs 10-15 per litre last month and prior to that had also reduced the MRP taking cues from the global market.
Food Secretary Sudhanshu Pandey called a meeting of all edible oil associations and significant manufacturers in response to a further decline in global prices. The meeting's purpose was to discuss the current trend and determine how to pass on the declining global prices to consumers by lowering the MRP. "We made a detailed presentation and informed them that, only in the past week, prices had fallen 10 percent globally. Consumers should be informed of this. We have requested that they lower the MRP, " Pandey said in press briefing.
Cooking oil has become cheaper, and the prices will come down
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