Government asks companies to cut edible oils price by up to Rs 10/L, maintain uniform MRP of same brand oil

Amid a fall in global prices, the government on Wednesday directed 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.

As India imports more than 60 percent 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. 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.