India's government has asked trade bodies to immediately reduce the price per liter of edible oil by 15 rupees because prices in the world market have fallen sharply, Reuters reported.
Trade bodies have been instructed to to quickly pass on the reduction in global prices to end-consumers.
India is the world's biggest importer of vegetable oils. The country buys palm oil from Indonesia, Malaysia and Thailand, and soyoil mainly from Argentina, Brazil and the United States. Sunflower oil India imports from Ukraine and Russia.
Last week, the Food Ministry called a meeting of cooking oil industry bodies and manufacturers to deliberate on reduction in the retail prices of cooking oils as there has been a fall in global prices.
Solvent Extractors’ Association of India’s (SEA) executive director B.V. Mehta said the global prices have fallen by $300-$450 per tonnes of different edible oils in the last one month, but it takes time to reflect in the retail markets.
Sources: Reuters, India Today
