The price of edible oil has come down by eight ten rupees per liter in the last one month. Representatives of the cooking oil industry say that due to reduction in import duty of oil and increase in domestic production of oilseeds, its prices may fall by another three-four rupees per liter in the coming days. The impact of the slowdown in the edible oil market of the international market will also affect the prices.
‘The effect of reducing the prices of companies’
Solvent Extractors Association of India (SEA) President Atul Chaturvedi has issued a statement saying that due to the increase in international prices of palm oil, soya and sunflower oil in the last few months, there has been a significant increase in edible oil in the domestic market. Is. SEA had appealed to its members to cut oil prices as much as possible before Diwali. After this the companies had reduced the prices of oil. After this, the Center had also cut import duty on edible oils.
Chaturvedi said these steps have had an impact and oil prices have come down by Rs 8-10 per liter in the last one month. He said that the SEA responded positively to the appeal to reduce the price and cut it. Even before this, the members of SEA have been giving positive response to the appeal to reduce the price.
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Bumper crop of soybean and groundnut will keep prices under control?
Chaturvedi said that this year around 120 lakh tonnes of soybean has been produced and more than 80 lakh tonnes of groundnut. It is expected that this will keep the prices of edible oil under control. He said that there is so much demand for mustard oil cakes that farmers are getting good prices. So its supply has been good. Farmers have sown mustard in the highest ever area (about 77.62 lakh hectares). This figure is about 30 percent more than before and the availability of domestic mustard oil can increase by eight to one million tonnes in the coming year. Obviously this will help in controlling oil prices.
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