Center says wholesale edible oil prices are showing a declining trend

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The center said Friday that prices for eight types of edible oils in wholesale markets across the country showed a bearish trend over the past week after several measures were taken to increase domestic supply and curb hoarding. Wholesale prices for peanut oil, mustard oil, vanaspati, sunflower oil, palm oil, coconut oil and sesame oil fell for the week ending September 14, a statement said.

According to the consumer ministry, the wholesale price of palm oil fell 2.50 percent on September 14 to 12,349 rupees per ton from 12,666 rupees per ton a week ago.

While the wholesale price of sesame oil fell 2.08 percent to 23,500 rupees per ton, coconut oil fell 1.72 percent to 17,100 rupees per ton.

Similarly, the wholesale price of sunflower oil fell 1.30 percent to 15,965 rupees per tonne on September 14 from 16,176 rupees per tonne a week ago.

The wholesale price of peanut oil fell 1.38 percent to 16,839 rupees per tonne, while that of mustard oil and vanaspati fell less than 1 percent to 16,573 rupees per tonne and 12,508 rupees per tonne, respectively.

Although the wholesale prices for edible oils show a declining trend, the prices are still higher than in the same period last year.

To review prices and increase domestic supply, the center lowered import duties on edible oils. She has also taken steps against hoarding, asking wholesalers, millers and refiners to post their inventory on a web portal.

Even retailers have been asked to display the prices of branded cooking oils in a prominent place so that consumers can make a choice.


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