After hitting record highs, cooking oil prices have started to soften, the government said on Wednesday. It also assured that it was working on a series of mid and long-term measures for a lasting solution, also hoping to make India self-reliant.
The Ministry of Consumer Affairs, Food and Public Distribution said edible oil prices had started declining in between 8% and 20%.
"Edible oil prices in India are showing a declining trend across a wide array of oils. As per data from the Department of Consumer Affairs, over the past month, the prices of edible oils are now coming down," an official statement said.
It said the price of palm oil was Rs 142 per kg on May 7 and now, it has come down to Rs 115 per kg, a drop of 19%. Similarly, the price of sunflower oil has dropped 16% to 157 per kg. The price of soya oil was Rs 162 per kg on May 20 and now, it has come down to Rs 138 per kg in Mumbai.
In the case of mustard oil, the price was Rs 175 per kg on May 16, 2021. Now, it has come down to Rs 157 per kg, a drop of nearly 10%. Groundnut oil price, which stood at Rs 190 per kg on May 14, has fallen to Rs 174 per kg.
The price of Vanaspati has dipped eight per cent to Rs 141 per kg, from Rs 154 per kg on May 2.
"Prices of edible oil prices are dependent on a complex set of factors which also include international prices, domestic production. As the gap between domestic consumption and production is high, India has to import a significant amount of edible oil," the statement said.