Edible oils have become cheaper by up to Rs 10 per kg in the last month, but prices will continue to fall

Mumbai: Expensive edible oils may bring more relief to the people in the coming days. In the last one month, the price of edible oils has gone up by Rs. 8 to 10 and in the coming days the price will go up by Rs. 6 to 7 is likely to decrease.

The edible oils association said that due to factors such as sharp fall in import duty by the government, softening global prices, over-cultivation of oilseeds, edible oils may become cheaper in the coming days.

It is noteworthy that during the Corona epidemic, the prices of edible oils jumped by 40 to 100 per cent and reached a historic high, which increased the budget of housewives' kitchens.

The president of the Solvent Extractors Association (C) said that the association had urged its members to reduce the price of edible oils as much as possible before Diwali.

In the last 30 days, the prices of edible oils in the retail market have come down by Rs 8 to 10 per kg. In the near future, the price of edible oils may fall further by Rs 2-3 per kg.

He said that the production of soybean in the country is estimated at 120 lakh tonnes and production of groundnut is estimated at 20 lakh tonnes.

In addition, mustard has been planted on more than 3 million hectares, which will increase the supply of 8-10 million tons of edible oils in nine seasons. The prices of edible oils are also coming down in the global market which will benefit the consumers in the coming days.