Edible oil prices may decline soon: Tipu Munshi

Commerce Minister Tipu Munshi has hinted that the price of edible oil might decrease in the country.

"The prices of raw materials of edible oil had gone up in the international market, which resulted in a price hike in the domestic market. Every time the price was fixed by government intervention, but that was not reflected in the market", said the minister at a press briefing held at the conference room of the commerce ministry on Thursday.

Now, oil prices have started to fall in the international market and Indonesia has also lifted its export ban on palm oil, he said. 

"We will assess [the market] for a month or two. We will review all data of May within five to seven days. As far as we know, oil prices in the international market have come down today. It will take one to one and a half months for today's prices to take effect in the country's market."

"The good news is that palm oil prices are decreasing and soybean prices are also on the path of decline. New prices will be fixed after assessing all prices in the meeting to be held after six-seven days", he said. 
Tipu Munshi said, "I don't think there is any possibility of further price hike. The price will decrease according to the new prices."