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Branded palm oil, sunflower oil, soybean oil makers to cut prices by up to Rs 15 per litre

Branded edible oil makers have reduced the prices of palm oil, soybean oil, and sunflower oil, bringing some relief to consumers.

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prices of palm oil
Every year, India imports around 13.5 million tonnes of edible oil.

Branded edible oil makers have reduced the prices of palm oil, soybean oil, and sunflower oil, bringing some relief to the people. Consumers who have been reeling under inflationary pressure can breathe a sigh of relief as international prices have softened.

According to the report, palm oil prices have dropped by Rs 7-8 per litre, soybean oil and sunflower oil have seen a fall of Rs 5 per litre and Rs 10-15 per litre, respectively.

Sudhakar Rao Desai, president of the Indian Vegetable Oil Producers Association, said prices have dropped, prompting distributors to stock up ahead of expected demand. The fall in edible oil prices will also have an impact on food inflation, a major part of which comes from edible oils. In May, the edible oil and fat category witnessed 13.26% inflation, owing primarily to an increase in domestic edible oil prices in the past one year.

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India is the world’s largest importer of palm oil, and its demand is met primarily by Indonesia and Malaysia. Every year, India imports around 13.5 million tonnes of edible oil, of which 8-8.5 million tonnes (almost 63%) is palm oil. Every year, India imports about 4 million tonnes of palm oil from Indonesia. However, Indonesia put a ban on palm oil exports in April but later lifted the restriction on May 23.

Gemini Edibles & Fats, based in Hyderabad, had reduced the maximum retail price (MRP) of its Freedom Sunflower Oil by Rs 15 to Rs 220 for a one-litre pouch in the last week. This week, the company will slash the price by another Rs 20 to Rs 200 a litre.

The ban on palm oil imports led to the price hike in food products, cosmetics, detergents, biofuels, biscuits, noodles, shampoos, soaps, margarine and chocolates. As a result, any increase in palm oil prices will raise input costs in these industries.

Uttar Pradesh Bulldozer row: Supreme Court asks UP govt to file affidavit in three days, says no demolitions should be carried out without due process

Domestic LPG connection price increases by Rs 1500, check the revised rates here

India News

RLJP President Pashupathi Kumar Paras resigns from Modi Cabinet after his party is denied seats in upcoming Lok Sabha Elections in Bihar

Pashupathi Kumar Paras said his party had 5 MPs and they had worked with utmost sincerity. He added injustice has been done to him and his party. As a result he is resigning from the post of the Union Minister.

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Rashtriya  Lok Janshakti Party (RLJP) President  Pashupathi Kumar Paras on Tuesday resigned from the Modi cabinet, a day after his party was denied any seat in the upcoming Lok Sabha elections in Bihar. He said the NDA alliance announced the list of 40 candidates for Bihar Lok Sabha election.

He said his party had 5 MPs and they had worked with utmost sincerity. He added injustice has been done to him and his party. As a result he is resigning from the post of the Union Minister. He had on Friday accused the BJP of not doing justice to his LJP faction and indicated that he may walkout of the ruling National Democratic Alliance. He said they are free to go anywhere and the doors are open.

On Monday, the NDA partners announced seat sharing in Bihar. According to the deal, the BJP will contest 17 seats, while Nitish Kumar led JD(U) will contest 16 and Chirag Paswan’s LJP will fight on 5.

Chirag-led LJP will contest on 5 seats- Jamui, Khagariya, Samastipur, Hajipur and Vaishali. In the last election, the undivided LJP had won 6 seats. Pashupati Paras was expecting these seats for his party. But the BJP went with Chirag. There was no mention of seat sharing with the LJP faction led by Minister Pashupati Paras. When Bihar BJP chief Samrat Chaudhary was asked about it, he said talks with him are undergoing.

Jitan Ram Manjhi-led Hindustani Awam Morcha (HAM) and Rashtriya Lok Samta Party (RLSP) will contest 1 seat each. Among the key seats that the BJP will be contesting from are Pashchim Champaran, Purvi Champaran, Aurangabad, Madhubani, Darbhanga, Muzzaffarpur, Maharajganj, Saran, Begusarai, Nawada, Patna Sahib, Patliputra, Aara, Buxar and Sasaram.

The JD(U) has been given Valmikinagar, Sitamadhi, Jhanjharpur, Supaul, Kishanganj, Katihar, Purnia, Madhepura, Gopalganj, Siwan, Bhagalpur, Banka, Munger, Nalanda, Jehanabad and Sheohar seats.

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Supreme Court summons Baba Ramdev, Acharya Balkarishna over Patanjali’s misleading ads

The SC asked Yoga guru Ramdev to appear in person over Patanjali Ayurved’s misleading ads.

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The Supreme Court today ordered Yoga guru Baba Ramdev to apper in person and address Patanjali Ayurved’s misleading ads in two-weeks time. The Managing Director of Patanjali Ayurved Acharya Balkrishna has also been called to speak.

The SC banned Patanjali Ayurved on February 27 from running advertisements for its medications, which treat a variety of conditions, including obesity, diabetes, rheumatoid arthritis, and high blood pressure. It also served a notice of contempt to the Managing Director of Patanjali Ayurved Acharya Balkrishna and warned them not to criticise any medical system in the media.

Additionally, the court criticised the Centre for doing nothing and claimed that they were just sitting with their eyes closed.

The Indian Medical Association (IMA) submitted a petition alleging that Patanjali Ayurved had distributed deceptive marketing, which resulted to the issuance of the contempt notice.

A panel of Justices Hima Kohli and Amanullah noted on Tuesday that, in spite of earlier orders, no answer had been filed in the case.

In addition to requesting that Baba Ramdev appear in person, the court sent out a notice in which it questioned why he shouldn’t face charges of contempt of court.

Senior Advocate Mukul Rohatgi, who was representing Baba Ramdev, was questioned by the court during the hearing about why their response to the contempt notice had not yet been submitted.

The court said, they will now request his client, Baba Ramdev and Acharya Balkrishna, to show up in court. The bench said, both are required to appear in court.

The court announced that the case hearing would not be postponed. The Union Ayush Ministry received criticism by the bench for only filing a response one day before.

In response, the Centre informed the court that more time was required to prepare a suitable answer. The Centre was then requested to submit a new affidavit by the Supreme Court.

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IT dept raids Meghana Foods eateries in Bengaluru

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The famous biryani restaurant Meghana Foods’ locations in Bengaluru, Karnataka, were searched by the Income Tax (IT) department on Tuesday morning. The reason the restaurant is being sued is currently unknown.

According to reports, I-T officials remained silent about the matter. Additionally, the restaurant’s owners were not immediately accessible for comment.

The restaurant, which specialises in Andhra-style food and is famous for its mouthwatering biryani, opened in 2006 in Bengaluru’s Koramangala area. Owned by a corporate company based in Hyderabad, it currently has nine branches throughout the tech hub, including locations in upscale areas like Indira Nagar and Koramangala.

The restaurant posted a statement on its website that read, Meghana is proud to be a favorite among all kinds of masses which range from corporate people and college going students in the afternoons to families and singletons at dinner time.

Meanwhile, 10 people were injured in an explosion at Bengaluru’s Rameshwaram Cafe earlier this month. After investigation, the National Investigation Agency (NIA) has detained a man, wanted in connection with the incident.

According to police sources, a man named Shabir is thought to be a prime suspect in this case. He was seen on security camera footage leaving a bag at the cafe just before the blast.

Since taking over the case on March 3, the anti-terror agency has asked for help from the public in identifying the key suspect, who is thought to have planted an Improvised Explosive Device (IED) in the famous Bengaluru café on March 1.

The same day, at approximately 9o’clock in the evening, in an another video the alleged suspect was seen walking around a bus station. It was almost an hour after the explosion at the cafe that he was last spotted boarding a bus.

The investigation team claims that after the incident, the suspect changed his dress and took a bus to several destinations.

The Rameshwaram Cafe reopened with tighter security last week. To protect both customers and employees, metal detectors have been placed at the entry, and now it is ensured that the customers must pass through screening utilizing handheld detectors.

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