BIG RELEIF! Prices of edible oils show declining trend - check NEW RATES of mustard oil, soya oil, palm oil, sunflower oil and others

There is a huge relief for the consumers as the prices of edible oils have started to decline. On Wednesday, the central government stated that the decline of price for edible oils in certain categories have been almost 20 per cent. As per the data from Department of Consumer Affairs, over the past month, the prices of edible oils are now coming down. In some cases, the decline is by as much as nearly 20 per cent as shown in prices in Mumbai.

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According to the release from the Ministry of Consumer Affairs, Food and Public Distribution, here are decline in the prices of the various categories of edible oils:

1) The price of palm oil was Rs 142 per kg as on May 7, 2021, and now it came down to Rs 115 per kg which is a drop of 19 per cent.

2) The price of sunflower oil was Rs 188 per kg as on May 5, 2021, and now it has come down to Rs 157 per kg which is a drop of 16 per cent.

3) The price of soya oil was Rs 162 per kg on May 20, 2021, and now it came down to Rs 138 per kg in Mumbai which is a drop of 15 per cent.

4) In the case of mustard oil, the price was Rs 175 per kg on May 16, 2021, which now it came down to Rs 157 per kg, a drop of nearly 10 per cent.

5) The price of groundnut oil was Rs 190 per kg on May 14, 2021, and now it came down to Rs 174 per kg which is a drop of 8 per cent.

6) Also, the price of Vanaspati was Rs 154 per kg on May 2, 2021, but now it came down to Rs 141 per kg, again a drop of 8 per cent.

One thing must be noted with respect to the price of edible oils, their prices are dependent on a complex set of factors, including international prices and domestic production. Now, as the gap between domestic consumption and production is high, India has to import a significant amount of edible oil. The central government is working on a series of mid- and long-term measures to resolve the issue on a permanent basis.

As per a PTI report, according to data compiled by the Solvent Extractors'' Association of India, the overall import of vegetable oils (edible and non-edible oils) during November 2020 to May 2021 is up by 9 per cent to 76,77,998 tonnes, compared with 70,61,749 tonnes in the corresponding period of the previous year.

The edible oil year runs from November to October. Notably, India's imports of vegetable oil fell 13 per cent in the oil year 2019-20 to 135.25 lakh tonnes which is the lowest in six years, on lower demand of cooking oils from hotels, restaurants and cafeterias.