The central government has claimed that edible oil prices have started to decline over the past one month and in some cases have fallen by as much as 20 per cent. Observing that India is importing substantial edible oils to meet domestic demand, the Center said it was devising a series of “medium and long-term measures” to make the country self-sufficient.
The government statement said, “The prices of various edible oils in India are showing declining trend. According to statistics from the Department of Consumer Affairs, edible oil prices have been falling compared to the previous month. In some cases, as seen in Mumbai, the 20 per cent decline is in a statement.
175 to 157 per kg of mustard oil
To give an example, the price of palm oil on May 7 was Rs 142 per kg. And now it is down 19 per cent to Rs 115 per kg. On May 20, 188, the price of soybean oil was Rs 162 per kg and now it is down to Rs 138 per kg in Mumbai. “In the case of mustard oil, Rs. 175 per kg as of May 16, 2021.” The statement said. It has now dropped to Rs 157 per kg, down 10 per cent.
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On May 14, the price of groundnut oil dropped from Rs 190 to Rs 174 per kg. Vegetables prices fell eight per cent from Rs 154 per kg on May 2 to Rs 141 per kg. “There are several reasons for the rise in edible oil prices, including international prices and domestic production levels,” the statement said. “As the gap between domestic consumption and production widens, India needs to import large quantities of edible oil. The government says it is working on a series of medium and long-term measures to address the problem on a permanent basis.