The Indian Vegetable Oil Producers’ Association (IVPA) has advised its members to reduce the prices of edible oils during the current festival season.

On Monday, the Solvent Extractors’ Association of India (SEA) had asked its members to reduce the prices of edible oils during the festival season. Following this, some of the major edible oil producers in the country reduced prices of the edible oils.

Also read: SEA members reduce edible oil prices

In an advisory sent to the members of IVPA, SP Kamrah, Secretary-General of IVPA, asked them to ensure prices are dropped and to operate on a no‐profit basis during this festival season. “Some of the leading companies have already announced a drop in prices by ₹3‐5 a litre and others are requested to follow the same,” he said.

IVPA requested its members to ensure all measures to control and check the prices in the interest of the consumers and encourage the distribution channel, including retailers, to reduce prices. It also asked the members to ensure sufficient supply chain to the retail shelves.

Also read: Several edible oil producers reduce wholesale prices by ₹4-₹7 a litre

Members were asked to inform their respective wholesalers and retailers to pass on the benefit of the price drop to the consumers.

Kamrah said that IVPA’s plea on the subject will bring some respite for the consumers during the festival season.

Price control measures

Following the increase in the prices of edible oils, the Centre had initiated several measures to control and bring down the prices. The measures included the consistent reduction in the import duties and to keep the base price or tariff price low compared to the market prices. It also launched a portal for stock and price monitoring mechanisms of edible oils.

Kamrah said, Despite all these measures there have been global factors resulting in the increase in prices, especially the rally in the global palm oil prices driven by stagnant production and other demand factors.

“However, due to the ensuing kharif crops complimenting imports we are expecting a bigger relief in the consumer prices, and we can also expect some decline in the global prices after a massive rally in the last few months,” he said in the advisory.