There is relief news for the common people who are suffering from inflation. Edible oil prices have now started declining. The Ministry of Food and Consumer Affairs on Wednesday claimed that the prices of edible oil have started declining in the last one month and in some cases it has come down by almost 20 per cent.
A government statement said that the prices of various types of edible oils in India are showing a declining trend. According to the data of the Department of Consumer Affairs, the prices of edible oils are coming down as compared to the previous month. In some cases, the decline is as high as 20 per cent, as seen in Mumbai, the statement said.
Giving an example, the government said that the price of palm oil was Rs 142 per kg on May 7 and now it has come down by 19 per cent to Rs 115 per kg. Similarly, the price of sunflower oil has fallen by 16 per cent to Rs 157 per kg from Rs 188 per kg on May 5. At the same time, 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.
The statement further said that in case of mustard oil, the price as on May 16, 2021 was Rs 175 per kg. Now, it has come down to Rs 157 per kg, which is a drop of almost 10 per cent. At the same time, the price of groundnut oil, which was Rs 190 per kg on May 14, has now come down to Rs 174 per kg. The price of vegetable has come down by 8 per cent to Rs 141 per kg from Rs 154 per kg on May 2.
The ministry said that there are many reasons for the rise and fall in the prices of edible oil, in which factors like international prices, level of domestic production also contribute. Since the gap between domestic consumption and production is high, India has to import large quantities of edible oil, the statement said. The government said it is working on a series of medium- and long-term measures to address the issue on a permanent basis.
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