Wholesale edible oil prices on a declining trend, says government

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On Friday, the centre said prices of eight types of edible oils in the wholesale markets across the country are on a downward trend over the past week after it took various measures to boost domestic supply and curb hoarding. It said that wholesale prices of groundnut, mustard oil, sunflower oil, palm oil, coconut oil and sesame oil fell during the week ending on September 14. In a move to check prices and increase domestic supply, the government has cut import duties on edible oils. Further, it has also taken action against hoarding and asked wholesalers, millers and refiners to provide details of their stock on a web portal.

It has also asked retailers to prominently display the rates of branded edible oils so that consumers can make choice.

Prices of oil comes down

Palm oil fell 2.50% to Rs 12, 349 per tonne on September 14 from Rs 12,666 per tonne a week ago, as per consumer affairs ministry.

The wholesale price of coconut oil declined by 1.72% to Rs 17,100 per tonne, while the prices for sesame oil slipped by 2.08% to Rs 23,500 per tonne.

Similarly, sunflower oil’s wholesale rate fell 1.30% to Rs 15,965 per tonne as against Rs 16,176 per tonne a week ago. In the period ending September 14, groundnut oil’s price dropped 1.38% to Rs 16,839 to per tonne, while mustard oil and vanaspati declined by less than 1% to Rs 16,573 per tonne and Rs 12,508 per tonne, respectively.