Edible Oil Price | ‘Khela’ happening in edible oils, wholesale prices decreased by 45 percent, retail by only 10 percent

Representative Image Mumbai: Despite the huge fall in the global prices of Edible Oils, the branded oil companies are busy in making huge profits by keeping the prices high in the country. Although now after the Central Government came into action, the companies have started reducing the prices, but not all the companies have reduced the prices. Only Mother Dairy has reduced the maximum retail price (MRP) of its edible oils sold under the ‘Dhara’ brand by Rs 15 to Rs 20 per litre, or 10 per cent only. The Central Department of Food and Public Distribution on Thursday asked edible oil associations to ask their members to reduce MRP on oils and pass on the benefit to consumers, but the government has not asked it to reduce prices commensurate with cost. Consumers are feeling lime Oil traders say that there was a huge jump in international prices last year, but due to increase in production in the country and less speculation at the global level, the prices of edible oils have increased in the last 6 months and especially in the last two months. have come down sharply, but consumers have not been able to get the benefit because the branded oil companies did not reduce their MRP. Palm oil, which is the most imported, has come down to the lowest level in the last seven months in the global market. Palm oil futures in Malaysia on Thursday fell to 3,500 ringgit per tonne, from 4,320 ringgit on March 6, 2023. That is, palm oil has become cheaper by 19 percent in two months. In one year, the prices have decreased by 46 percent. Read this also, cheap oil is available in the wholesale market, the prices have come down considerably in the wholesale oil market of Mumbai. Palm oil has come down to Rs 100 per litre, which was sold at Rs 180 a year back. Similarly, sunflower oil has come down from Rs 190 to Rs 103 per litre. Mustard crude ghani oil has fallen from Rs 180 to Rs 108 per liter now. The price of rice bran oil has come down from Rs 160 to Rs 90. Soya oil has also come down to Rs 102, which was Rs 170 a year ago. Despite a huge drop of 40 to 45 percent in the wholesale prices, the general public is not getting the benefit because the companies are keeping the prices high. Shankar Thakkar, president of the Monopoly Edible Oil Traders Federation of Multinational Companies, says that in fact, due to the policies of the government, the general public has to pay a high price. The government has banned the sale of loose oil. Today, even if the trader wants to, he cannot sell loose oil cheaply to the consumers. Due to the ban, the entire business has gone to multinational branded companies. They have become monopoly. As a result of which the general public is suffering. Government’s focus is only on MRP. Whereas MRP has no meaning. The MRP of a branded sunflower oil is Rs 200 and the wholesale price is Rs 103 only. Why this big difference?