Bhubaneswar, Aug. 5 -- Edible oil processors and manufacturers have reportedly agreed to cut prices by Rs 10-12 per litre in order to pass on the benefits of a decline in global prices to consumers.

The decision has been taken after a meeting with the food and consumer affairs ministry on Thursday.

"Cooking oil manufacturers have agreed to further slash edible oil prices by Rs 10-12 in view of softening global prices. We had a good meeting with them where we made a detailed presentation with data," said an official familiar with the matter told Hindustan Times.

As per the official, although manufacturers have cut prices, the ministry is of the view that there is further scope to reduce rates owing to a downward correction in global pri...