New Delhi, May 6: An Indian edible oil industry body issued an advisory to its members appealing to reduce the retail and wholesale prices in line with prevailing global markets to benefit the consumers.
"Members have responded favourably and started announcing a further reduction in MRP and wholesale price of edible oils of their brands," the apex industry body The Solvent Extractors' Association of India said in a release Friday. India is the world's second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia.
India majorly consumes mustard, palm, soybean, and sunflower-derived edible oils.
On Thursday, the industry body had a meeting with food and public distribution secretary Sanjeev Chopra to discuss the prevailing edible oil prices.
"The Department made a presentation stating that the international price of edible oils has sharply reduced in the last 3 to 4 months; however domestic prices have not sufficiently reduced in line with falling international markets and suggested to advise members to further reduce the price of Edible Oils to pass on the benefits to the consumers," the industry said.