Centre says wholesale edible oil prices showing declining trend

The Centre on Friday said prices of eight types of edible oils in the wholesale markets across the country are showing a declining trend over the last week after it took several measures to boost domestic supply and curb hoarding. The wholesale prices of groundnut, mustard oil, vanaspati, sunflower oil, palm oil, coconut oil and sesame oil declined during the week ended September 14, it said in a statement.
According to Consumer Affairs Ministry, the wholesale price of palm oil fell 2.50 per cent to Rs 12,349 per tonne as on September 14 from Rs 12,666 per tonne a week ago.

While wholesale price of sesame oil slipped 2.08 per cent to Rs 23,500 per tonne, coconut oil eased by 1.72 per cent to Rs 17,100 per tonne.

Similarly, wholesale rate of sunflower oil fell 1.30 per cent to Rs 15,965 per tonne as on September 14 from Rs 16,176 per tonne a week ago.

Wholesale rate of groundnut oil dropped 1.38 per cent to Rs 16,839 per tonne, while that of mustard oil and vanaspati declined by less than 1 per cent to Rs 16,573 per tonne and Rs 12,508 per tonne, respectively, in the period.

Although the wholesale prices of edible oils are showing a declining trend, the rates are still higher than the year-ago period.

To check prices and increase domestic supply, the Centre has reduced import duties on edible oils. It has also taken steps against hoarding and asked wholesalers, millers and refiners to provide details of their stock on a web portal.

Even retailers have been asked to prominently display the rates of branded edible oils so that consumers can make choice.