Edible Oil Price: Companies have reduced the prices of edible oil, yet the prices of oil are troubling the common people, because the prices have not come down enough so that the common people can get relief.
Edible Oil Price : Due to this festive season, the prices of edible oil have come down drastically in the international markets. Palm oil prices have come down to a one-year low due to the fall in oil work. The prices of soybean, CPO, palmolein and sunflower have come down by almost half due to the global recession. On the other hand, the arrival of new soybean crop has also started, which has had a big impact on its prices. The slowdown in foreign markets is affecting the prices of all commodities, including the price of edible oil. After the fall in the foreign markets, the prices of oil and oilseeds in the local markets have also been affected.
In order to give relief to the common people from expensive edible oil, the government has increased the limit of exemption in custom duty on its import till March 2023. While this decision of the government will help in maintaining the supply of edible oil, it will also help in keeping the prices under control in the domestic market. It is also a matter of relief that if the prices of edible oil have come down in the international market, the duty has also been reduced along with it. The prices of palm oil in the international market have fallen by 40 percent. But now the question is arising in the minds of the people whether the common people have got the benefit of the fall in oil prices and the steps taken by the government.
According to the data of the Ministry of Consumer Affairs, almond oil is being available on an average of Rs 188 per kg in September 2022. So mustard oil is available at Rs 172.66 per kg. Soybean oil is getting Rs 156 per kg Sunflower oil at Rs 176.45, Palm oil at Rs 132.94 per kg and Vegetable at Rs 152.52 per kg.
Imports increased after reduction in prices
Let us tell you that after the fall in the prices of edible oil in the international market, palm oil import by India has reached the highest level of 11 months. In August, imports increased by 94 percent as compared to July. In the month of September also, companies are going to import more in view of the coming festive season. But the question arises whether the common people will get the benefit of cheap edible oil. India imports cooking oil for 60 percent of its total consumption.
India may import 1 million tonnes of palm oil
India is one of the world’s largest palm oil importer countries. This will help in reducing the amount of edible oil in the country. In August, India imported 994,997 tonnes of palm oil against 530,420 tonnes in July. It is believed that in September, India can import 1 million tonnes of palm oil. Let us tell you that palm oil is available cheaper than the rest of the edible oil, so companies have aggressively imported palm oil. At the same time, the festive season is about to start in India. So the season of weddings is also coming together. In such a situation, there can be an increase in the demand for palm oil. It will be known in the coming time whether people will get the benefit of its cheap edible oil or not.
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