NEW DELHI: The edible oil producers’ body, SEA, said on Monday that its members have decided to reduce the wholesale prices of edible oils by Rs 3-5 per kg during this festival season to provide some relief to consumers. This is expected to bring down the retail prices of the edible oils to some extent, which have increased significantly in the past one year.
Industry sources said within hours after the decision was announced by the Solvent Extractors Association of India (SEA), one major company had reduced wholesale prices of its edible oil. “We expect others to do so. This will be our gift to consumers on the eve of Diwali. This will also reduce some pressure on the government,” said a source.
“The SEA members, even though they 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 tonne keeping in mind the Diwali festivities,” the association said in a statement.
Sources said such a reduction in wholesale prices will bring some relief to people considering the prices of edible oils have stabilised in the past 7-10 days or there has been a minor reduction. The comparative analysis of data collated by the consumer affairs from 167 centres show that the modal price, which is the most common price across centres, has reduced only in the case of sunflower oil – from Rs 180 a litre on October 13 to Rs 168 on Monday.
In the case of all other edible oils, the modal prices have almost remained unchanged during this period.