SEA urges edible oil retailers to cut prices ahead of an expected global price decline

New Delhi, May 3 (KNN) The Solvent Extractors Association (SEA) has urged the edible oil retailers to lower down the MRP as current prices are in line with the anticipated international price drop, despite domestic harvest surplus.

The apex industry body said that the department of food and public distribution has advised them to reduce the MRP on edible oils to pass on the benefits to consumer.

“While most of the brands have reduced prices of in the past, still the prevailing maximum retail prices (MRP) of the packed edible oil in the market is not in line with the current prices as in the international market,” it said.

At present the prices of edible oil in the domestic market seems to be on high considering the prevailing market scenario.

SEA has appealed to its members to provide details of the reduction in MRP in the past three months, which will be sent to the food and public distribution department.

The latest data of the department of consumer affairs points out that the retail of edible oils such as groundnut and palm oil remained unchanged at Rs 185 per litre and Rs 105 a litre during the last three months.

Whereas that of mustard oil has declined around 9 per cent to Rs 150 a litre compared to the prices three months back.  (KNN Bureau)