New Delhi [India], May 6 (ANI): An Indian edible oil industry body issued an advisory to its members appealing to reduce the retail and wholesale prices in line with prevailing global markets to benefit the consumers.

"Members have responded favourably and started announcing a further reduction in MRP and wholesale price of edible oils of their brands," the apex industry body The Solvent Extractors' Association of India said in a release Friday.

Also Read | Apple Layoffs: Mass Sacking Are 'Last Resort', Says Tim Cook.

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, which are imported from Indonesia and Malaysia.

India majorly consumes mustard, palm, soybean, and sunflower-derived edible oils.

Also Read | LIVE -- Charles III to Be Crowned King in Coronation Ceremony.

On Thursday, the industry body had a meeting with food and public distribution secretary Sanjeev Chopra to discuss the prevailing edible oil prices.

"The Department made a presentation stating that the international price of edible oils has sharply reduced in the last 3 to 4 months; however domestic prices have not sufficiently reduced in line with falling international markets and suggested to advise members to further reduce the price of Edible Oils to pass on the benefits to the consumers," the industry said.

During the meeting with the government, the industry body conveyed that most of the major brands have reduced the prices of edible oils during the past few months in line with the falling international markets. (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)