Edible oil prices in India are showing a declining trend across a wide array of oils. As per the Department of Consumer Affairs data, over the past month, the prices of edible oils are now coming down. In some cases, the decline is by as much as nearly 20%, as shown in prices in Mumbai.
The price of Palm Oil was Rs 142 per kg on 7 May 2021, and now it came down to Rs 115 per kg, a drop of 19%. The price of Sunflower Oil was Rs 188 per kg on 5 May 2021 now, it came down to Rs 157 per kg, a drop of 16%. The price of Soya Oil was Rs 162 per kg on 20 May 2021; now, it came down to Rs 138 per kg in Mumbai, a drop of 15%. In the case of Mustard Oil, the price was Rs 175 per kg on 16 May 2021; now, it came down to Rs 157 per kg, a drop of nearly 10%. While the price of Groundnut oil was Rs 190 per kg on 14 May 2021, now it came down to Rs 174 per kg, a drop of 8%. The price of Vanaspati was Rs 154 per kg on 2 May 2021 now, it came down to Rs 141 per kg, a drop of 8%.
It may be noted that edible oil prices are dependent on a complex set of factors, including international prices and domestic production. As the gap between domestic consumption and production is high, India has to import a significant amount of edible oil. The government is working on a series of mid-and long-term measures to resolve the issue permanently.
The measures will contribute to making India AtmaNirbhar in Edible Oils, which is a key ingredient in cooking food in India.