Edible Oil Prices At Decade High, Central Government Meets Producers

The monthly average retail prices of packed edible oils – groundnut, mustard, vanaspati, soya, sunflower and palm oils, have soared this month to their highest levels in over a decade. The increase in prices of cooking oils comes in the midst of pandemic & lockdowns in different states that have hit economic activities to a great extent. On May 24, the Department of Food & Public Distribution held a meeting with all stakeholders & asked states & businesses to take all possible steps to bring down prices of edible oils. Domestic edible oil prices usually mirror international prices since 60 per cent of India’s demand is met through imports. The data, accessed on May 25, show that the monthly average retail price of mustard oil (packed), a common cooking oil, reached an all-time of Rs 164.44 a kg in May this year — 39 per cent higher than in May last year (Rs 118.25). In April this year, the price of the oil stood at Rs 155.39 per kg. The oil was the cheapest in May 2010, when the figure stood at Rs 63.05 a kg. Watch the video to know more.