MUMBAI, 1 November (Commoditiescontrol) The Government with a view to provide comfort to consumers during festive times drastically reduced import duties in the second week of October 2021 and this duty reduction has helped control runaway prices and is now reflected in the domestic wholesale bulk prices, Solvent Extractors Association of India on Monday said in a statement.
As per SEA, prices of palmolein declined from Rs. 127 per Litre on October 10, 2021 to Rs. 119 per Litre on October 30, 2021 which shows a fall by 7% in 20 days. Similarly, soya refined oil prices dropped from Rs. 134 per Litre to Rs. 125 per Litre, almost 7% during the said period. Sunflower refined oil prices fell from Rs. 142 per Litre on Octerber 10 to Rs. 128 per Litre on October 30 which shows a fall by 11% in 20 days.
The edible oil prices in the international market, apart from other factors (like low interest rates, excess liquidity etc.) have risen due to larger diversion of vegetable oil for non-food purposes by Indonesia, Brazil and other countries for bio-diesel, resulting into reduced availability of edible oils for food use, Atul Chaturvedi, President, Solvent Extractors Association of India said.
“Our domestic prices have moved in tandem with international markets as we are heavily dependent on imports. The prices of edible oils had skyrocketed and were showing no signs of moderation, he said.
In view of this, the Association, has urged the leading the constituents of the Association producing or marketing edible oils to voluntarily reduce the wholesale price of edible oils by at least Rs.3,000 to Rs.5,000 per ton (Rs. 3 to Rs. 5 per kg) during this festive season to provide some relief to consumers at large, SEA President added.
During the last few months, the prices of edible oils had skyrocketed and were showing no signs of moderation. The Government with a view to provide comfort to consumers during festive times drastically reduced import duties in the second week of October 2021.
This duty reduction has helped control runaway prices and is now reflected in the domestic wholesale bulk prices, he added.
As per SEA, prices of palmolein declined from Rs. 127 per Litre on October 10, 2021 to Rs. 119 per Litre on October 30, 2021 which shows a fall by 7% in 20 days. Similarly, soya refined oil prices dropped from Rs. 134 per Litre to Rs. 125 per Litre, almost 7% during the said period. Sunflower refined oil prices fell from Rs. 142 per Litre on Octerber 10 to Rs. 128 per Litre on October 30 which shows a fall by 11% in 20 days.
Even though international prices of all these edible oils have risen substantially, the duty reduction by the Government has cushioned the impact for the consumers.
“It is heartening to note that the domestic Soyabean and Groundnut crops are rebounding this year. Soya crop maybe closer to 120 lakh tons and Groundnut crop maybe approximately 80 lakh tons, said SEA President.
“Harvesting and marketing is in full swing and putting pressure on the domestic oilseed and oil prices. Both are record crops and augur well for the consumers and will go a long way in reducing our dependence on imports which has reached almost 65% of our consumption. Apart from good Kharif oilseed crop, the sowing reports coming in for Mustard are also reasons for cheer, he added.
The planting numbers could be at an all-time high and one should not be surprised if the magic number of 120 lakh tons is achieved if nothing unforeseen happens till the harvest time. All these developments as well as proactive actions taken by the government are bound to bring succour to our consumers during the ensuing festive and marriage season, said Chaturvedi.
“SEA members, even though are saddled with high duty paid stocks, are responding to the needs of consumers, and bringing down the selling prices. Our members are also aligned to the proactive decisions of the Government and have decided to further reduce prices of edible oils by Rs. 3,000 to Rs. 5,000 per ton keeping in mind the Diwali festivities, he added.
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