Domestic edible oil prices have soared in tandem with the global prices which shot up due to reduced availability of edible oils for food use following diversion for biofuel in Indonesia, Brazil, and other countries.
The Centre has already slashed the basic duty on crude palm oil, crude soyabean oil and crude sunflower oil from 2.5 per cent to nil.
As per the order issued to all states, state governments and union territories will decide the stock limit to be imposed on edible oils and oilseeds after taking into account the available stock and consumption pattern of that particular state or UT.
As per the data from the Department of Consumer Affairs, the prices of edible oils are now coming down over the past month, and in some cases, the decline is by as much as nearly 20 per cent, as shown in prices in Mumbai.
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Twenty-eight of the 417 samples of milk, edible oil and milk products, which were taken by the authorities from different places in Haryana recently, have been found unsafe, the officials said.
Experts say that oilseeds and oil prices have increased in the international market that has led to a rise in edible oil prices in India.
After potato and onion, the price of edible oil has now gone up in the national capital due to a sharp increase in the cost of oilseeds. There has been a 53 per cent hike in the crude palm oil (CPO) prices in the domestic futures market, in the past six months due to a decline in palm oil production in Malaysia.
India on Monday tightened the curbs on import of refined palm oil by putting more conditions for the inbound shipments of the commodity.
According to the retail price available on the website of the Union Ministry of Consumer Affairs, the price of mustard oil in Delhi has increased by Rs 12 per kg in the last one month. The price of mustard oil was Rs 124 per kg on December 10, 2019, in Delhi, which rose to Rs 136 per kg on January 10, 2020.
After onions, the prices of edible oils have started surging as the bio-fuel programmes in Malaysia and Indonesia have increased the consumption of palm oil in those countries leading to a spike in its price.
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