Members of the Solvent Extractors Association of India (SEA) have decided to cut the prices of edible oils from Rs 3,000 to Rs 5,000 per ton ahead of Diwali celebrations.
SEA Chairman Atul Chaturvedi said in a statement that the association urged members who produce or market edible oils to voluntarily reduce wholesale prices of edible oils by at least Rs 3,000 to Rs 5,000 per ton (Rs 3 to Rs 5 per kilogram) during the festive season. To provide some convenience to consumers.
Although SEA members are burdened with paid-up shares, they are responsive to consumers’ needs, he said.
Over the past few months, edible oil prices have skyrocketed and have shown no signs of moderation. Chaturvedi said the government cut import duties in the second week of October, which has helped control rampant prices and is now reflected in the local wholesale wholesale prices.
The price of palm oil, which was 127 rupees per kilogram on October 10, fell to 119 rupees per liter on October 30. The price of refined soybean oil fell to Rs 125 per liter from Rs 134 per liter, while the price of refined soybean oil fell to Rs 125 per liter from Rs 134 per liter, while the price of refined soybean oil decreased. Sunflower oil fell to Rs 128 per liter from Rs 142 per liter.
Chaturvedi said local soybean and groundnut crops are rebounding this year. The soybean yield is likely to be closer to 120 lakh tons and the peanut yield may be around 80,000 tons. Harvesting and marketing are in full swing and are putting pressure on domestic oilseed and oil prices.
He said the record crop bodes well for consumers and would go a long way in reducing dependence on imports, which amounted to nearly 65% of India’s consumption.
Besides the good autumn oilseed seed yield, sowing reports for mustard are also positive. Planting numbers could be at an all-time high, Chaturvedi said, and could produce 120,000 tons if nothing unexpected happens until the harvest.