Households may see some reprieve as the central govt has asked edible oil manufacturers to cut the maximum retail price (MRP) of imported cooking oils by upto Rs 10-15 per litre.
The government has told the companies to implement the change in prices within a week.
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This move came after the prices of edible oils reduced significantly in the international market in the last few days.
India annually imports 8-8.5 million tonnes palm oil. Almost 45-50% of palm oil comes from Indonesia and the rest from neighbouring Malaysia.