New Delhi [India], July 7 (HornbillTV): As edible oil prices are slashed down globally, the prices in India will come down by INR 10 to INR 12 per litre, said sources on Wednesday.

The sources cited surplus stock and the consecutive low demand as the primary reason behind the price drop.

“All major edible oil brands have cut prices by 10-15 rupees,” Secretary Department of Food and Public Distribution, Sudhanshu Pandey said over the last months falling prices.

He added that this has been possible due to constant monitoring by the department, constant engagement with all stakeholders and multiple interventions by the government.

According to sources, the MRP of Fortune Refined Sunflower Oil 1 litre pack has been decreased to INR 210 from INR 220. The MRP of Soyabean (Fortune) and Kachi Ghani oil’s 1-litre pack from INR 205 to INR 195. The reduction in oil prices comes in the wake of Central Government reducing the import duty on edible oils making them cheaper.

It may be recalled that in a bid to control the continuous rise in the cooking oil prices over the past one year, the Centre had earlier cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5per cent to Nil.

The Agri-cess on these Oils has been brought to 5per cent . The basic duty on Refined Soyabean oil and Refined Sunflower Oil has been slashed to 17.5 per cent from the current 32.5 per cent and the basic duty on Refined Palm Oils has been reduced from 17.5 per cent to 12.5 per cent.

Earlier, the central government extended the free import of Refined Palm Oils till the end of this year.