ltr;

@StockMarketNEWS Sun 10 Jul, 2022

Posted in: #FinanceIndia #StockMarketNEWS

Govt directs oil importers to reduce cooking oil prices by Rs. 10/ltr; maintain MRP uniformity #FinanceIndia #StockMarketNEWS
Govt directs oil importers to reduce cooking oil prices by Rs. 10/ltr; maintain MRP uniformity New Delhi, July 7 (KNN) The central government has asked the edible oil manufacturers to further cut down the prices of imported cooking oil by Rs 10 per litre within a week. This decision comes as global prices for edible oil plummet.

Centre has also directed the edible oil companies to maintain a uniform maximum retail price (MRP) of the same brand of oil across the country.

“"We made a detailed presentation and told them that global prices have declined by 10 per cent in the last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP," Sudhanshu Pandey, food secretary told a news agency PTI.

Edible Oil manufacturers had earlier reduced the prices by Rs 10-15 per litre last month and prior to that had also reduced the MRP as global market signalled a drop in price.

As India imports more than 60 per cent of its edible oil requirement, retail prices came under pressure in the last few months. However, there has been a correction, resulting in a fall in global prices.

Edible oil makers had cut prices by Rs 10-15 per litre last month and prior to that had also reduced the MRP taking cues from the global market.

The drop in Edible oil, fuel price will help boost the demand and that in return will help in easing inflation. (KNN Bureau)