The Government on Wednesday directed the edible oil manufacturers to further cut the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre within a week, and maintain a uniform MRP of the same brand of oil across the country following a fall in global prices.
Taking note of a further drop in global prices, Food Secretary Sudhanshu Pandey called a meeting of all edible oil associations and major manufacturers to discuss the current trend and pass on the falling global prices to consumers by reducing the MRP. "We made a detailed presentation and told them that global prices have declined by 10 per cent in last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP," Pandey said after the meeting.
As India imports more than 60 per cent of its edible oil requirement, retail prices came under pressure in the last few months taking cues from the global market. However, there has been a correction, resulting fall in global prices.
Edible oil makers had cut prices by up to Rs 10-15 per litre last month and prior to that had also reduced the MRP taking cues from the global market.
Major edible oil makers have promised to reduce the MRP by up to Rs 10 per litre by next week in all imported edible oils like palm oil, soyabean and sunflower oil, he said and added, once the prices of these edible oils are reduced, the rates of other cooking oils will also get reduced.
Besides this, the Secretary asked the manufacturers to maintain a uniform MRP of the same brands of cooking oils across the country as currently there is a difference of Rs 3-5 per litre in different zones.