March 25, 2021
Food Minister Piyush Goyal stated that Domestic edible oil prices have not increased as compared to the international rates which have been reigning very high over the year. As per the government data, the average retail price of groundnut oil stood at Rs 180 per kg higher than Rs. 120 per kg a year ago.
Likewise, retail mustard oil prices increased to Rs. 147 per kg from 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 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.’ Yet, there is no proportionate 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 are 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 Oil palm) has been implemented in the country with the effect from 2018-19. A special program on Rapeseed/Mustard has also been initiated in 10 states to increase the production, he added.