Mokokchung, July 8 (MTNews): In a meeting on July 6, 2022, the Department of Food and Public Distribution instructed leading Edible Oil Associations to reduce the MRP of edible oils by Rs. 15/- with immediate effect.
The Centre also urged that the manufacturers’ and refiners’ prices to distributors be decreased quickly so that the price drop is not diluted in any manner. It was also stressed that if manufacturers/refiners reduce their prices to distributors, the advantage should be passed on to consumers by the industry, and the Department should be kept informed on a regular basis.
Some firms that have not dropped their pricing and have MRPs that are higher than other brands have also been instructed to do so.
During the discussion, it was discussed that the worldwide prices of imported edible oils are on a decreasing trend, which is a very favorable image in the edible oil scenario, and that the domestic edible oil business must guarantee that the prices in the home market drop in proportion. This price decrease must also be passed on to customers quickly and without delay. This discussion also covered topics such as pricing data gathering, the Control Order on edible oils, and edible oil packaging.
It should be noted that the Department held a meeting with the leading edible oil associations in May 2022, and according to sources, the MRP of Fortune Refined Sunflower Oil 1 litre pack was reduced to Rs. 210 from Rs. 220, and the MRP of Soyabean (Fortune) and Kachi Ghani oil 1 litre pack was reduced from Rs. 205 to Rs. 195.
Oil prices fell as a result of the Central Government lowering the import levy on edible oils, making them cheaper. The sector was instructed to guarantee that the full advantage of the decreased tariff is passed on to consumers.