NEW DELHI: The Centre on Friday said it, in a meeting, had asked edible oil associations to pass on the benefit of price cut by reducing MRP of edible oils by Rs 15 with immediate effect. The Department of Food and Public Distribution, in a statement, said the price to distributors by the manufacturers and refiners also needed to be reduced immediately so that the price drop is not diluted.
“It was also impressed upon that whenever a reduction in price to distributors is made by the manufactures/refiners, the benefit should be passed on to the consumers by the industry and the department may be kept informed on a regular basis,” said the statement.
It also asked the companies that have not cut their prices to reduce their prices. Meanwhile, Mother Dairy has reportedly cut prices of soyabean oil and rice bran oil by up to Rs 14. During the meeting, it was discussed that the international prices of imported edible oils are on a downward trend, which is a very positive picture in the edible oil scenario and, therefore, the domestic edible oil industry needs to ensure that the prices in the domestic market also drop commensurately, according to the statement.
“And, this price drop has to be passed on expeditiously to consumers without in a laggard fashion.” There has already been a reduction in oil prices as the government reduced the import duty on edible oils making them cheaper.