New Delhi [India], June 2 (ANI): A meeting was held Friday between the food department and the leading edible oil industry representatives in India to discuss a further reduction in the retail prices of edible oils amidst a continued fall in their global prices.

This is the second meeting the Department of Food and Public Distribution convened within a month with the industry representatives.

Also Read | OpenAI's Chief Technology Officer Mira Murati's Twitter Account Seems To Have Been Hacked To Promote Crypto Scam.

Top industry bodies Solvent Extraction Association of India (SEA) and the Indian Vegetable Oil Producers' Association (IVPA) participated in today's meeting.

As per a government release, the industry informed that the global prices of different edible oils have fallen by USD 150-200 per tonne in the past two months and noted that they have reduced the MRP, affirming they will further reduce shortly.

Also Read | 'Arrest WFI Chief Brij Bhushan Sharan Singh by June 9 or Will Hold Panchayats Across Nation', Farmer Leader Rakesh Tikait Issues Fresh Ultimatum to Centre Amid Wrestlers' Protest.

MRP of Refined Sunflower Oils, Refined Soybean Oil, and Mustard Oil of some major brands have decreased by Rs. 5-15 per litre.

The industry has been advised to ensure that the entire benefit of the reduced international prices is passed on to the consumers, the release added. The government suggested a further reduction of Rs 8-12 per litre.

The international and domestic prices of edible oil were on an upward swing during 2021-22 due to many geo-political factors including higher inputs and logistics costs.

India is the world's second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. A large part of it is palm oil and its derivatives, and soybean oil. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)