Edible oil industry cautions against import duty cut to cool down prices

Says move ahead of planting season could have negative impact on growers

Edible Oil industry players today cautioned the government against resorting to any knee-jerk reaction of lowering import duties to cool down domestic prices, saying it could have a 'very negative’ impact on oilseed farmers, kharif planting for which will start in the coming few weeks.

That apart, the global edible oil markets have already started softening which might lead to a drop in domestic prices in the next week to 10 days, the industry said.

The industry associations, traders and stakeholders expressed their views during a meeting called by the union government to solicit them and find a way forward to cool