The Gujarat State Edible Oils and Oil Seeds Association (GSEOOSA), a state body of oil millers
and oilseed traders, has urged the Indian government to intervene and prevent the decline in
retail prices of edible oils. The Association’s President, Sameer Shah, wrote a letter to Prime
Minister Narendra Modi, highlighting the significant drop in prices of edible oils compared to the
same period last year. Shah suggested measures such as increasing import duty and imposing
quantitative import restrictions to stop the plummeting prices of edible oils.
According to Shah’s letter dated April 22, the average wholesale price of mustard oil is hovering
around Rs 1,050 per 10 kg, which is 31% lower than the April-May average wholesale price of
Rs 1,525. The price of palmolein oil has decreased by 41%, trading at Rs 980 against Rs 1,575
last year. The price of refined soybean oil has also decreased by 41%, with the current price at
Rs 980 compared to Rs 1,650 last year. Meanwhile, the price of refined sunflower oil, which has
experienced the highest drop of 45.95%, has gone from Rs 1,850 to Rs 1,000. Cottonseed oil,
widely consumed in Gujarat, has also decreased by 39%, from Rs 1,625 to Rs 1,010. Corn oil is
trading at Rs 980, a 37% slide compared to Rs 1,550 last year, while the price of groundnut oil
has fallen by 6%, trading at Rs 1,650 as compared to Rs 1,750.
GSEOOSA has appealed to the Indian government to take action to prevent the slide in retail
prices of edible oils to protect Indian oilseeds producers and reduce the country’s reliance on
imports. This call for intervention comes after India drastically reduced import duties on edible
oils due to the increase in global commodity prices, coupled with Indonesia’s ban on palm oil
exports, one of India’s largest edible oil suppliers.
(Source: The Indian Express)