Edible oil price likely to come down by Rs 6

New Delhi, Oct 14: The retail prices of edible oil is set to come down by about Rs 6-8/kg after the Centre announced a cut in import duties by 16.5-19.25 per cent from Thursday to March 31, 2022.

The move is expected to bring much-needed relief to the consumers reeling under high prices of edible oil since the end of last year. According to the wholesale price index for September released by the Government on Thursday, prices of edible oil has shot up by more than 50 per cent since this time last year.

The decision, which comes ahead of the festive season, could bring prices down by Rs 6-8/kg, executive director of Solvent Extractors’ Association of India B V Mehta told media outlets.

Now that Malaysia has increased their prices after the Indian government announced the duty cut, the full benefit of the duty cut may elude the consumers.

India is one of the largest importers of edible oil in the world and meets roughly 64 per cent of its cooking oil requirements through imports.

The gradual rise in prices of the retail cooking oil was attributed to international events and dwindling production in oil seed producing countries.

As prices continues to head north, the government stepped in and in February announced the first duty cut on import of edible oil.

Meanwhile, import of palm oil in September this year hit a record high at 12.62 lakh tones, the highest since India started importing it in 1996.