| Company | Value | Change | %Change |
|---|
On the rising retail prices of edible oils, sources attributed the spike to factors beyond government control, such as global price increases and the lean palm oil season in Southeast Asia. Although no decision has been made on reducing import duties on edible oils, sources noted these duties were introduced to safeguard domestic farmers’ interests.
In October 2024, the government voiced concerns over rising edible oil prices during the festive season, leading to inter-ministerial consultations to assess the impact of import duties and explore consumer relief measures.
On September 14, the Union Government had raised import duties on crude and refined edible oils to boost domestic oilseed farmers’ prospects. Duties on crude palm, soybean, and sunflower oils rose from 5.5% to 27.5%, while refined edible oil duties increased from 13.7% to 35.7%.
Despite expectations of fresh soybean and groundnut crops entering markets by October, edible oil retail prices recorded double-digit growth from September to October. With imports accounting for 58% of India’s edible oil demand, the government is promoting increased local production to ensure a stable supply and shield the domestic market from global price shocks.
