Lower than the worldwide trend, domestic price increases for edible oil Govt

International prices of major edible oils have increased by 45% in the last year . Domestic wholesale prices have increased by a maximum of 16% .

NEW DELHI: According to the government, a slew of initiatives in the last year has insulated the edible oil industry's imports.It quoted figures showing that the international prices of major edible oils like soyabean, sunflower, and palmolein have increased by more than 45% in the last year, while their domestic wholesale prices have increased by a maximum of 16%.According to the food ministry, the international prices of soyabean oil increased by 47% from $1,045 per tonne to $1,540 in the last year.In the case of domestic wholesale rates, this increased by 12.4% during the same period, from Rs 14,112 per quintal to Rs 15,858.

The international prices for refined palmolein oil have increased by 45%, while the domestic wholesale prices have increased by 16%.The prices for all major edible oils have decreased relative to last month and last week, according to the food ministry.We must keep in mind that imports account for 65% of our domestic edible oil requirement.According to one official, the domestic prices would have increased if the government had not taken appropriate measures.