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Domestic edible oil prices not risen as much as global rates: Piyush Goyal

Peanut Market News March 24, 2021

Domestic edible oil prices not risen as much as global rates: Piyush Goyal

Domestic edible oil prices have not increased as much as international rates which have been ruling very high over the year, Food Minister Piyush Goyal said on Tuesday in Parliament.

As per the government data, the average retail price of groundnut oil stood at Rs 180 per kg on Tuesday, higher than Rs 120 per kg a year ago.

Similarly, retail mustard oil prices increased to Rs 147 per kg to Rs 110 per kg, soya oil to Rs 130 per kg from Rs 90 per kg, while that of sunflower oil to Rs 140 per kg from Rs 105 per kg and palm oil price to Rs 160 per kg from Rs 82.5 per kg in the said period.

Goyal, in his written reply to the Lok Sabha, said: "The prices of edible oils are rising internationally and since domestic production is inadequate, domestic prices of edible oils have risen during the last year.

"However, there is no commensurate increase in the domestic wholesale and retail prices of edible oils as compared with the international prices which have been ruling very high over the year," he said.

The domestic production of edible oils is not adequate to meet the demand in the country and the gap between demand and production of edible oils is met through imports, he added.

On steps taken to address the price rise in edible oils, the minister said an Inter-Ministerial Committee on Agri Commodities is in place to closely monitor the duty structure of edible oils and other commodities in addition to their price and availability keeping in view the interests of farmer, industry and consumer.

To reduce the dependency on the import of edible oils, National Food Security Mission (Oilseeds and Oilpalm) has been implemented in the country with effect from 2018-19. A special programme on Rapeseed/Mustard has also been initiated in 10 states to increase the production, he added.

Source: https://www.business-standard.com/article/markets/domestic-edible-oil-prices-not-risen-as-much-as-global-rates-piyush-goyal-121032300966_1.html


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