Retail edible oil prices drop by Rs 5-20/kg in major markets: Food Secretary
New Delhi(PTI): Edible oil prices in the major retail markets across the country have declined by Rs 5-20 per kg after various measures, including an import duty cut, by the government, Food Secretary Sudhansu Pandey said on Friday.
The official said that branded oil makers have also revised the rates for new stock.
Domestic edible oil prices have soared in tandem with the global prices which shot up due to reduced availability of edible oils for food use following diversion for biofuel in Indonesia, Brazil and other countries.
"The government has taken a number of steps to ensure consumers get relief from high prices. We are happy to share the trend from 167 centres. Edible oil prices have declined quite significantly in the range of Rs 5 and 20 per kg in the major retail markets across the country," Pandey said during a press briefing.
For instance, retail palm oil price in Delhi declined by Rs 5 to Rs 133/kg on November 3 from Rs 139/kg, while it fell by Rs 18 to Rs 122/kg from Rs 140/kg in Aligarh, Uttar Pradesh, while by Rs 7 to Rs 125/kg in Cuddalore, Tamil Nadu from Rs 132/kg in the said period, he said.
Even retail price of groundnut oil declined by Rs Rs 5-10/kg, while soyabean oil by Rs 5-11/kg, and sunflower oil by Rs 5-20/kg between October 31 and November 3, he added.
The government monitors retail prices of six edible oils from 167 centres across the country.
In the case of mustard oil, the Secretary said, "we have not seen a significant reduction in prices," but the steps taken by the government including import duty rationalisation will have an impact on prices of mustard oil as well.
"We are going to see a southward trend in mustard oil prices too," he said, adding that ongoing sowing of mustard seed is better than last year.
The area sown to mustard seed, a rabi crop, is 11 per cent better than the year-ago period, he added.
Asked by when the branded cooking oils will revise the rates, the Secretary said, "I have spoken to the industry and they have confirmed that they have revised theP for new releases."
In fact, the industry body SEA has advised its distributions, retailers and wholesalers to pass import duty cut to consumers even on the old stock, he said.
Major edible oils players, including Adani Wilmar and Ruchi industries, have cut wholesale prices by Rs 4 -7 per litres to give relief to consumers during the festival season, a government statement said.
The other players that have reduced the wholesale prices of edible oils are Gemini Edibles and Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-foils and Solvent, Vijay Solvex, Gokul Agro Resources and N K Proteins, it added.
While the global edible oil prices have stabilized at higher levels in the last ten days, but the reduction in import duty and other steps like imposition of stock limits to curb hoarding has helped cool down domestic prices, the secretary said.
Pandey said the reduction in petrol and diesel rates will also have an overarching impact on local edible oil prices as distribution cost will get reduced.
Currently, the Uttar Pradesh government has imposed a stock limit up to 25 tonne on wholesale and retailers to check prices. Three more states are at advanced stages of imposition of the stock limits.
The secretary said the Centre will review the status of the stock limit with state governments next week.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
