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Cut imported cooking oil prices by Rs 10: Govt to companies | India News

NEW DELHI: The Center on Wednesday asked the edible oil manufacturing and marketing companies to immediately reduce the maximum retail price (MRP) of imported cooking oils – palm, sunflower and soybean – by up to Rs 10-12 per litre. The government told the companies that the change in prices should start reflecting within a week considering the recent reduction in international prices due to their increased availability.
India meets nearly 60% of its edible oil demand from imports and hence the fluctuation in international prices have direct bearing on the domestic market. Officials said the representatives of all major companies have agreed to reduce prices and comply with the Centre’s advice in the next one week.
This will bring some additional relief to consumers. In the past one month, there has been a marginal decline in the prices of all major edible oils, except for groundnut and vanaspati. “The prices have dropped also because of the measures that the government has taken in the past few months. They can’t be allowed to keep selling at earlier rates when the international prices have fallen,” said a source who attended the meeting chaired by Union food secretary Sudhanshu Pandey.
The government, in the meeting, cited how global prices have declined in the past one week. It also asked them to ensure uniformity of MRP for the same brand of oil across the country. Currently, the difference in MRPs of the same brand of oil in different regions is around Rs 3-5 per litre.
The ministry also raised the issue of rising consumer complaints against edible oil brands with regard to the unfair trade practices. News agency PTI quoted Pandey stating that some companies are have packaging that claims that edible oil is packed at 15 degrees celsius. The secretary said ideally, they should pack at 30 degrees celsius. By packing at 15 degrees celsius the oil expands and weight gets reduced. But the reduced weight is not printed on the package, which is an unfair trade practice. “For instance, the companies are printing stating that edible of 910 gram is packed at 15 degrees celsius, but the actual weight would be less at 900 gram,” he said.

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