Edible oil prices up by 20-30 per cent in last one year, govt may consider reducing import duty on palm oil
New Delhi | Jagran Business Desk: Rising edible oil prices have now become a matter of concern with the average prices of groundnut oil, soya bean oil, mustard oil, sunflower oil, peanut and palm oil rising by up to 20-30 per cent in the last one year.
A Times of India report quoted sources saying that the matter was discussed during a meeting of Group of Ministers headed by Home Minister Amit Shah early this week.
They said that while onion prices have come down significantly after 30,000 tonnes being imported and potato prices have stabilised, the edible oil prices have been increasing significantly.
The report further cited data from the consumer affairs ministry’s price monitoring cell which showed that the average price of mustard oil was Rs 120 per litre on Thursday compared to Rs 100 per litre a year ago. Meanwhile, vanaspati oil prices have gone up to Rs 102.5 per kg against Rs 75.25 a year back.
The retail price of groundnut oil in Delhi this month was Rs 184 as compared to Rs 162 in November last year. During the same period, the mustard oil prices in the national capital went up from Rs 121 to Rs 155.
The report quoted sources saying that the one of the reasons behind the increase in prices is the reduction in palm oil production in Malaysia in the last six months.
The government might take a call on reducing the import duty on palm oil considering that the increase in palm oil prices directly impacts prices of other edible oils.
Earlier this month, the Congress alleged that the prices of edible oil were "skyrocketing" because of the "faulty" policies of the government and even the festival spirits had been dampened due to it.
Posted By: Abhinav Gupta