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Prices of various edible oils have come down by ₹2,000 to ₹6,500 a tonne in the last two weeks. Recently, the Department of Food and Public Distribution, Government of India, advised the Solvent Extractors’ Association of India (SEA) to ask its members to reduce the price of edible oils and pass on the benefits to consumers.
BV Mehta, Executive Director of Solvent Extractors’ Association (SEA) of India, told businessline that the domestic edible oil prices have come down following the fall in their prices in the international market.
Palmolein
Though the price of RBD palmolein declined by ₹3,500 a tonne during the period between January and May, the maximum reduction was seen in the last two weeks.
Giving the latest updates of edible oil prices in the Mumbai market, he said the price of RBD palmolein has come down from ₹95,500 a tonne on April 21 to ₹93,500 a tonne on May 2, a reduction of ₹2,000 a tonne. The price was at ₹97,000 a tonne on January 1 and ₹1.64 lakh a tonne on May 2, 2022.
The price of imported RBD palmolein was at $990 a tonne on May 2 against $1,025 a tonne on April 21.
Rapeseed oil drops more
Price of refined sunflower oil declined by ₹2000 a tonne in the past two weeks. Price of refined sunflower oil has come down from ₹1.05 lakh a tonne on April 21 to ₹1.03 lakh a tonne on May 2. The price was at ₹1.36 lakh a tonne on January 1, and ₹1.94 lakh a tonne on May 2, 2022.
The price of imported crude sunflower oil was at $990 a tonne on May 2 against $1020 a tonne on April 21.
The maximum decline in the price was seen in the case of rapeseed oil. The price of rapeseed oil has come down from ₹1.04 lakh a tonne on April 21 to ₹97,500 a tonne on May 2, a reduction of ₹6,500 a tonne. The price was at ₹1.41 lakh a tonne on January 1, and ₹1.55 lakh a tonne on May 2 2022.
‘Reduction passed on’
The price of refined soyabean oil has come down from ₹1,03,500 a tonne on April 21 to ₹97500 a tonne on May 2, a reduction of ₹6,000 a tonne. The price of refined soyabean oil was at ₹1.32 lakh a tonne on January 1, and ₹1.65 lakh a tonne on May 2, 2022.
The price of imported crude soyabean oil was at $985 a tonne on May 2 against $1,030 a tonne on April 21.
The price of groundnut oil declined by ₹5,000 a tonne in the past two weeks. The price of groundnut oil has come down from ₹1.67 lakh a tonne on April 21 to ₹1.62 lakh a tonne on May 2. It was at ₹1.64 lakh a tonne on January 1 and ₹1.70 lakh a tonne on May 2, 2022.
The price of refined cottonseed oil has come down from ₹1,02,500 a tonne on April 21 to ₹97,000 a tonne on May 2, down by ₹5500 a tonne. The price was at ₹1.26 lakh a tonne on January 1 and ₹1.69 lakh a tonne on May 2, 2022.
Mehta said the price reduction has already been passed on to the consumers of these edible oils in the market.
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