SEA said the government is seriously concerned about the domestic price of edible oil and expects a fall in prices in line with the declining international market. In recent virtual meetings with officials from the Department of Food & Public Distribution. “We discussed the decrease in edible oil prices in the country compared to the falling international prices. We have conveyed that major brands have already reduced the prices of edible oils over the last few months in alignment with the falling global market,” said Mr Ajay Jhunjhunwala, president, of SEA.
He added “We are pleased to report that India’s monsoon is performing relatively well, with most oilseed production areas receiving sufficient rain for sowing. As of 12th July 2023, North-West India and Central India have received excess rain, although East & North East India are still facing a deficit. Overall, the country received 2% above normal rainfall.”
Despite a slow start due to the delayed monsoon onset, sowing has now picked up. The acreage under oilseeds as of 14th July 2023 was reported a 139.3 lakh ha, showing an increase from 137.0 lakh ha during the same period last year. However, there has been a decrease of 1.86 lakh ha in soybean acreage,while groundnut acreage has increased by 2.13 lakh ha due to beneficial cyclone rains, SEA said.
