News Karnataka
Monday, March 20 2023
Business News

‘Domestic oil prices on decline, mustard oil outlier’

Domestic oil prices on decline mustard oil outlier
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New Delhi: Even when the international prices of edible oils have gone up in the range of 1.95 per cent to 7.17 per cent after the import duty reduction, the decreasing trend in domestic oil prices and net effect (ranges for 3.26 per cent to 8.58 per cent declined) after duty reduction is quite substantial, the government said on Friday.

“Necessary policy intervention by Central government with reference to duty reduction is proving to be beneficial for the general consumers,” the government said in a release.

“International prices of Soyabean oil, Sunflower oil, Crude Palm oil and RBD Palmolein increased by 1.85 per cent, 3.15 per cent, 8.44 per cent and 10.92 per cent respectively over the month.

After the import duty reduction (effective from September 11) on imported edible oils, domestic retail and wholesale prices reduced in the range of 0.22 per cent to 1.93 per cent. However, Mustard oil is purely domestic oil, and its prices are expected to soften with number of other measures the government is contemplating,” the release from Department of Food and Public Distribution (DFPD) said.

Similarly, the wholesale and retail price of wheat decreased by 5.39 per cent and 3.56 per cent respectively over the year. Wholesale price of rice decreased by 0.07 per cent while retail price of rice increased by 1.26 per cent over the month.

The wholesale and retail prices of wheat decreased by 7.12 per cent and 4.37 per cent respectively over the year. Despite the fact that MSP for rice & wheat has gone up (from Rs 1,868 / quintal to Rs 1,940 / quintal for rice and from Rs 1,925 / quintal to Rs 1,975 / quintal for wheat, the price of rice and wheat has decreased in the market, which is a comforting factor for consumers, the government said.

Also, as on October 6, taking the reference as on May 17, the retail prices of gram, tur, urad and moong decreased by 1.08 per cent, 2.65 per cent, 2.83 per cent and 4.99 per cent, respectively.

Regarding the prices of onion, potato and tomato, the all-India average retail prices of potato decreased by 44.77 per cent over the year, the all-India average retail prices of onion decreased by 17.09 per cent over the year, the all-India average retail prices of tomato decreased by 22.83 per cent over the year, the release said.


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