Edible oil to cost Rs15 less per litre from today
Government asks edible oil chain to ensure consumers get the benefit from the decline in international edible oil prices
Households’ Inflation Expectations Survey - RBI, June 2022
The Department of Food and Public Distribution has asked various stakeholders in the edible oil chain in India to reduce the MRP of edible oil by Rs.15 per litre immediately. This could help contain rising inflation in India.
in a meeting on 6 July 2022, the government directed leading Edible Oil Associations to make sure the consumers get the benefit of the slide in international edible oil prices. Edible oil prices had already been cut by around Rs.10 per litre in May 2022, according to the government, following the decrease in import duty on edible oils.
International edible oil prices are falling and could decline further with many edible oil exporting countries looking to cut export duty. On 23 May 2022, leading palm oil exporter, Indonesia, lifted a ban on exports of edible oil, which led to a surge in oil stocks around the world.
Rising inflation has been a concern in India in the past few months. In the RBI’s latest survey on inflation expectations published 8 June 2022, majority of the households expect general prices and inflation to remain high over three months and one year ahead horizons. Inflation concerns have increased since then.
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