Home FINANCE Domestic edible oil price rise lower than global trend: Govt

Domestic edible oil price rise lower than global trend: Govt

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NEW DELHI: The government has claimed that a series of interventions in the past one year has resulted in “insulating the import of inflation” in the edible oil sector.
It cited the data of how the international prices of major edible oils such as soyabean, sunflower and palmolein have gone up by more than 45% in the past one year while their domestic wholesale prices have increased by a maximum of 16%.
Giving the details of the prices, the food ministry said the international prices of soyabean oil increased by 47% — from $1,045 per tonne to $1,540 — during the past one year.
In the case of domestic wholesale prices, this has increased by 12.4% during the same period — from Rs 14,112 per quintal to Rs 15,858.
Similarly, while the international prices of sunflower oil have increased by 53.4% between June last year and this year, the domestic prices have gone up by 11.8%.
In the case of refined palmolein oil, the international prices have spiked by 45% while the domestic wholesale prices have increased by 16%.
The food ministry said that the prices of all major edible oils have moderated when compared to last month and last week as well. “We must keep in mind that 65% of our domestic edible oil requirement is met from imports.
So, if the government would not have taken adequate steps, the domestic prices would have increased,” said an official.
Meanwhile, the edible oil industry body, Solvent Extractors’ Association of India has urged the government to use minimum support price (MSP) as a tool for both encouraging crops which are in short supply like oilseeds and pulses, and disincentivise crops such as wheat and rice which are in abundance.

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