oppn parties Relief For Households As Cooking Oil Prices Decline Sharply

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  • Congress spokesperson Reetam Singh has claimed that Cockroach Janta Party (CJP) co-convenor Ashutosh Ranka refused to meet Congress leaders during his recent Assam visit. He alleged that the group was told to stay away because its outreach was "an Aam Aadmi Party initiative"
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  • India lost 4-0 to Brazil in the historic international friendly at Kolkata’s Salt Lake Stadium, with Estevao, Pedro and Samuel Lino, who scored twice, finding the net. The match was Brazil’s first senior men’s international on Indian soil
  • Seventeen-year-old Kumkum Mohod won India’s first women’s individual recurve gold at the Asian Games, beating South Korea’s Oh Yejin in a shoot-off. The victory also secured an Olympic quota place for India for the 2028 Los Angeles Games
  • Pranavi Urs became the first Indian woman to win an individual Asian Games golf gold, finishing one stroke ahead of China’s Yin Ruoning at 15-under 265. India also took silver in the women’s team event
  • Wrestler Aman Sehrawat won the men’s 57kg freestyle gold, defeating reigning world champion Han Chong Song of North Korea 11-7 after recovering from a 7-6 deficit late in the bout
  • India’s men’s hockey team retained the Asian Games gold, defeating Malaysia 5-1 in the final. The victory also secured India a place in the 2028 Los Angeles Olympics
  • India retained the Asian Games men’s T20 cricket title, beating Pakistan by 19 runs in the final. Abhishek Sharma’s 61 off 28 balls and Tilak Varma’s unbeaten 51 off 22 helped India post 211/6 before Pakistan finished on 192/6
Asian Games: October 3 gold medallists: Kumkum Mohod (Archery), Pranavi Urs (Golf), Aman Sehrawat (Wrestling), India men’s cricket team (Cricket), and India men’s hockey team (Hockey) /////// India finishes its campaign in 4th position in the Asian Games medal table: 21 gold, 27 silver, 37 bronze; 85 medals.
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Relief For Households As Cooking Oil Prices Decline Sharply

By Linus Garg
First publised on 2023-05-05 07:33:53

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The price of edible oils has fallen drastically in the world market. The reduction is as much as $200-250 per tonne, meaning Rs 16.5 to Rs 20.5 per kg. The Centre has noted this and has asked domestic manufacturers to reduce their prices in line with the global decline and pass on the benefit to the consumers with immediate effect. At least one company, Mother Dairy, that markets the popular Dhara brand of edible oils, has reduced the MRP of its products by Rs 15-20 across variants. Others have also started reducing their prices.

The Union food secretary Sanjeev Chopra held a meeting with the Solvent Extraction Association of India (SEA) and the representatives of the Indian Vegetable Oil Producers' Association (IVPA) and impressed upon them that the benefit of the decline in global prices must be passed on to the consumers. The government wanted the companies to reduce the price to distributors as well as the MRP so that there was no dilution in passing on the benefit in this regard. This will also reduce food inflation further.

After the pandemic, the sharp rise in commodity prices, including edible oil prices, due to supply chain disruptions, had resulted in a sharp rise in MRP of the daily essential in India. Prices had jumped by more than 50% for some variants while the average rise for poplular variants was more than 25%. Households were feeling the pinch as the prices of other essentials like atta and maida had also skyrocketed. With the decline in global prices and the market trend, it is expected that prices will drop further. The government needs to keep a close watch to ensure the benefit is passed on to the consumers. The elevated price of edible oils had also forced restaurants to hike their prices. They should also reduce the same now.

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