Edible Oil Price: This person will get relief from expensive edible oil! There was a sharp fall in the prices in the international market
Possibility of relief from high prices of edible oil: Common people can get relief from the expensive prices of edible oil. Edible oil prices may come down soon in the country. Edible oil prices have declined in the international market following speculations of a fall in domestic edible oil prices.
oil prices will fall
According to Food Secretary Sanjeev Chopra, there has been a decline in oil prices in foreign markets. The advantage of which can be seen in the local market. Edible oil prices are expected to decline in the near future.
Reduction in prices in foreign markets
In the recent past, the price of edible oil has declined in the foreign markets. But according to this the prices in the domestic market have not reduced. There is no respite in retail prices in the domestic markets due to increased demand during winter and weddings in the country. But the price may come down in the coming times.
Prices have not come down in the domestic market
Sunflower and soyabean oil are being sold in the retail and wholesale markets at a huge margin compared to the import price. The price of sunflower oil is increasing by 25 percent, while soybean oil is being sold about 10 percent more. In the overseas markets, sunflower oil fell below soybean oil to $35 a tonne. The rise in sunflower oil is attributed to shortfall in its domestic production and inadequate imports due to quota system. Due to short supply, soybean oil is being sold at a premium of around 10 per cent.
Farmer organizations raised demand
budget Before this farmers organizations have raised the demand to control the prices of edible oil. Organizations say that instead of palm oil, the government should focus on increasing the domestic production of local oilseeds such as soybean, mustard, groundnut and sunflower, so that dependence on the import of edible oils is reduced and prices are kept under control.
import cost increased
Solvent Extractors Association of India (SIA) provides information on India’s expenditure on import of edible oil. In the oil year ending October 2022, the expenditure on imports increased by 34.18 percent to Rs. 1.57 lakh crore. India, the world’s leading buyer of vegetable oil, in the year 2020-21 (November-October) Rs. Imported 131.3 lakh tonnes of edible oil worth Rs 1.17 lakh crore.