According to the price monitoring cell of the consumer affairs ministry, the average retail price of edible oils in the past one month show that sunflower oil price (packed) had increased to Rs 174 per litre last week from Rs 171 a month back. But on Friday, the average price of the edible oil was Rs 167 a litre. Similarly, the average price of palm oil had increased to Rs 134 a week back, but on Friday the edible oil was selling at Rs 132 per litre.
In the case of soyabean oil prices in the retail market, there has been no change in the past one week. The per litre packaged soyabean oil was selling at Rs 156.
However, beating the trend, the average retail price of mustard oil has increased consistently. The Solvent Extractor’s Association of India (SEAI) had urged the government to reduce the import duty on rapeseed in line with soya and sunflower oil or even a little lower as it would have the desired effect on runaway mustard oil prices. They had made this suggestion considering that there is low arrival of mustard seed in the market.
Meanwhile, citing the official data and also from the SEAI, the government said the daily wholesale prices of packed palm oil dropped by 2.5 per cent, followed by packed groundnut oil by 1.4 per cent, packed sunflower oil by 1.3 per cent, packed mustard oil by 1% and packed Soya Oil by 0.7 per cent.
“Based on the interaction with all the states and edible oil industry associations, the need for greater transparency was felt. As a follow up action the food ministry is in the process of creating a web portal for monitoring the stocks of edible oils and oilseeds on a weekly basis in the country. The data on the portal will be submitted by millers, refiners, stockists and wholesalers etc. States have also issued directions for display of retail price prominently to ensure fair pricing,” the food ministry said.