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ECONOMY

Government Plans to Address Edible Oil Price Surge Ahead of Festive Season

Higher international prices and rising domestic prices contributed to the reduced import levels.

Different ministries in India are expected to hold consultations soon on ways to provide relief to consumers as the Centre is “concerned with rising edible oil prices during the festive season,” according to government sources.

An inter-ministerial consultation is expected soon, involving the Ministry of Agriculture and Farmers’ Welfare and the Ministry of Consumer Affairs, Food and Public Distribution, to examine the effects of last month’s import duties on edible oil.

The government is also planning to consult with industry stakeholders to explore ways to control edible oil prices.

On 14th September, India raised import duties on edible oils to support domestic oilseed farmers, increasing crude palm, soybean, and sunflower oil duties from 5.5% to 27.5% and refined oil duties from 13.7% to 35.7%.

Despite an expected increase in domestic soybean and groundnut supplies by October 2024, edible oil retail prices have risen sharply, showing double-digit growth over the past month.

India meets 58% of its edible oil demand through imports. To reduce reliance on imports and protect against global price fluctuations, the government aims to boost local production as part of a medium to long-term strategy.

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