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Retail Prices Of Edible Oil To Cool Down Soon: Nirmala Sitharaman

Bengaluru, July 2: After witnessing record rise over the past year, retail edible oil prices will fall gradually, the Centre on Friday assured the consumers.

Finance Minister Nirmala Sitharaman said the resumption of the import of crude and refined palm oil will cool down the prices. The center had last year halted import of palm oil following deterioration of ties with Malaysia over its stand on Kashmir.

“India’s dependence on edible oil is very high. Edible oil prices went up after an impact on edible oilseed production. With the lifting of the ban on imports, the edible oil prices will reduce,” ANI quoted the Minister as saying to media here.

Earlier this week, the Centre had announced reduction of the basic customs duty on crude palm oil by 10 per cent which would also help to bring down the retail prices.

Domestic edible oil prices have witnessed sharp rise over the past year, going up by as much as 30 per cent in case of Mustard, Vanaspati, soya and palm oil and more than 40 per cent while purchasing sunflower oil.

Edible oil constitutes the third highest imported item for India after petroleum products and gold. The spurt in prices, therefore, was blamed on unfavourable conditions in COVID-induced lockdowns in several producing countries including Malaysia and dry spell in Russia and Ukraine.

 

 

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