PrintFriendly
Edible oils register a sharp decline in prices
The prices of all major commodities in the country are being closely monitored by the Government in wake of the present geo-political scenario and other reasons including extreme weather conditions around the world. Major economies have been adversely affected due to above conditions. In India, price of essential commodities, especially edible oils have reported a decline in October, 2022 this year compared to previous years.
The decline in prices is due to a series of proactive and pre-emptive measures taken by the Government to augment domestic availability and stabilize prices of essential food commodities. A Committee is in place in the Department of Food & Public Distribution and reviews the prices of all major commodities which recommends appropriate timely measures to keep a tab on the prices and at the same time also keep the interest of the farmers, industries and consumers in view.
Various measures like reduction in import duties and cess on pulses, rationalization of tariff, imposition of stock limits on edible oils and oilseeds, buffer stock maintenance of onion and pulses have all helped in restraining the soaring commodity prices due to pandemic induced, supply demand imbalances.
The reduction in oil prices came as a result of Central Government’s decision to reduce the import duty on edible oils making them cheaper. The industry has been asked to ensure that the complete benefit of the reduced duty is passed on to the consumers invariably.