Relief for edible oil and domestic oil consumers: Price of oil goes down by upto 20 Rupees per litre.

It may be a big relief for edible oil and domestic oil consumers as the price of oil goes down by upto 20 rupees per litre. Check new rates here:

The prices of domestic cooking and edible oils have started to cool off by as much as Rs 10 to 20 per litre after having surged during last year and the beginning of this year. Several brands, in the recent times have announced a cut in the prices of edible and cooking oils. This is because companies have started to pass on the cuts in import duty. This reduction in oil prices comes in at a time when the central government reducing the import duties on edible oils, hence making them cheaper, companies have said.

The Ministry of Consumer Affairs, Food & Public Distribution on Wednesday said major edible oil brands have lowered prices by Rs 10-15 per litre as the government made timely interventions on multiple fronts to control prices that spiked due to the Russia-Ukraine conflict DFPD Secretary Sudhanshu Pandey said that all major edible oil brands have cut prices by 10-15 rupees, and that falling prices will help cool inflation levels as well.

He added that the price reduction was made possible through constant monitoring by the department, constant engagement with all stakeholders and multiple interventions.

Partha S Das, Joint Secretary, DFPD added that in the surprise inspections conducted in Maharashtra Rajasthan, Gujarat, Madhya Pradesh, Uttar Pradesh, West Bengal, Telangana and Karnataka in phase-l and Phase-Il at 156 and 84 entities respectively.

He said these inspections had a

deterrent impact as the number of defaulting entities decreased in the Phase-Il of the surprise inspections.

In Phase-I, 53 entities and Phase-II, 12 entities inspected were found to be defaulting on the Central Stock Control Order.

According to sources, the MRP of Fortune Refined Sunflower Oil 1 litre pack has been decreased to Rs 210 from Rs 220. The MRP of Soyabean (Fortune) and Kachi Ghani oil 1 litre pack from Rs. 205 to Rs. 195. The reduction in oil prices comes in the wake of the Central Government reducing the import duty on edible oils making them cheaper.

Last week, edible oil firms Adani Wilmar and Mother Dairy reduced the MRP (maximum retail price) for different varieties of cooking oils by

Rs 10-15 per litre. Both the

companies said the stock with new MRPs will hit the market shortly.

In order to control edible oil prices, the government has issued Notification for allocation of Tariff Rate Quota (TRQ) for import of 20 LMT of Crude Soybean Oil and 20
LMT of Crude Sunflower Oil for the financial year 2022-23 and 2023-24 at zero import duty and zero AIDC, the ministry said.

The concerned state governments have been requested to take suitable action under the Essential

Commodities Act, 1955 against the defaulting entities as per provisions made in the Act. However, while taking suitable action, the state Governments have been requested to ensure that the supply chain is not affected in an adverse fashion.