Relief From High Edible Oil Price Likely: Common people can get relief from the expensive Edible Oil Price. The prices of edible oils may come down soon in the country. The prices of edible oil have come down in the international market, after which it is being speculated that there may be a reduction in the prices of edible oil in the country.
oil prices will fall
According to Food Secretary Sanjeev Chopra, there has been a decline in oil prices in foreign markets. The benefit of which can be seen in the domestic market. It is expected that the prices of edible oil may come down in the coming times.
Reduced prices in foreign markets
In recent times, the prices of edible oil have come down in foreign markets. But according to that the prices have not reduced in the domestic market. In view of the increase in demand in winter and weddings in the country, there is no relief in retail prices in the domestic markets. But the prices may come down in the coming times.
Prices did not decrease in the domestic market
Sunflower and soyabean oils are being sold at a huge margin in the retail and wholesale market as compared to the import price. The price of sunflower oil is being found 25 percent higher, while soybean oil is being sold about 10 percent higher. Sunflower oil has become $ 35 per tonne below soybean oil in foreign markets. The reason for the rise in sunflower oil is the lack of its local production and due to the quota system, imports are not in sufficient quantity. Soybean oil is being sold about 10 percent costlier due to shortage in supply.
Farmer organizations raised demand
Before the budget, farmer organizations have raised demands 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 like soybean, mustard, groundnut and sunflower, so that dependence on import of edible oils can be reduced and prices can be kept under control.
Import cost increased
Solvent Extractors Association of India (SIA) has given information about India’s expenditure on import of edible oils. The expenditure on imports increased by 34.18 percent to Rs 1.57 lakh crore in the oil year ending October 2022. India, the world’s leading vegetable oil buyer, had imported 131.3 lakh tonnes of edible oils worth Rs 1.17 lakh crore in the year 2020-21 (November-October).
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