Good news for the middle class! No need to burn the pocket anymore, the price of lotus edible oil has come down at a massive rate –

The price hike has set fire to the kitchens and pockets of the middle class. The prices of almost all the essential food items are increasing day by day. Especially the price of edible oil was skyrocketing. Meanwhile, there was good news for the middle class. Mustard, soybean oilseed, crude palm oil, palmolein and cottonseed oil prices have decreased (Edible Oil Prices). However, groundnut oil and oilseed prices remained unchanged.

It is known that the price has decreased due to cheap imported oil at the country’s ports. According to sources, the price of edible oil abroad has decreased significantly. Prices of domestic oilseeds have increased. Hence, prices of mustard, groundnut, soybean and cottonseed oil have come under pressure. According to market sources, the amount of cheap imported oil should be reduced. Otherwise it will be almost impossible to consume mustard and soybean oil.

Countries like Malaysia and Indonesia constantly change policies to grow the oilseed industry. India is also slowly moving towards self-reliance in this industry. For this, India needs to create a suitable climate for oilseed production. According to experts, this would first require a tax on imported oil. Buyers, sellers and producers, none are exempted from this tax. In case of soybean oil, this tax exemption will end on April 1. But it will work in case of sunflower.

The import price of soybean and sunflower oil at the port is Tk 102 to Tk 103 per liter. Buyers can buy this oil at Tk 125 to Tk 135 per liter in the open market. But this oil is sold in the country at the rate of 175 to 200 taka per liter. Experts say that this abnormal increase in oil prices is due to this. Center wants to be self-reliant in edible oil production. For this, the government has to change several policies.

In particular, the Center should bring policies to increase the production and sale of domestic oilseeds. At the same time the benefits of the farmers should also be kept in mind. Besides, the government should also focus on utilizing the full capacity of oil mills, saving foreign exchange and reducing unemployment. Currently, cheap imported edible oil is hindering India from becoming self-reliant in this industry.

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