Edible oil prices likely to come down by December.

NEW DELHI: The soaring edible oil rates are likely to soften by December  with the arrival of new crops and a possible decline in global prices, food secretary Sudhanshu Pandey  said on Friday. 

Retail prices in India have shot up by up to 64% in the past one year, primarily on global cues. Nearly 60% of India’s edible  oil requirement is met through imports. The retail price of palm oil has risen 64% to Rs 139/kg while that of soyabean oil has increased by 51.2% to Rs 155/litre in the past one year. Sunflower oil price has increased 46% to Rs 175/litre and mustard oil prices 46% to Rs 175/ litre.