Chaturvedi said the global trend of edible oil prices is ''relatively bearish and we feel prices would continue to move downward.'' According to SEA, India's dependence on import of edible oils is nearly 65 per cent of the total consumption of about 22-22.5 million tonne. The country imports 13-15 million tonne to bridge the gap between demand and domestic supply. For the last two marketing years (November to October), due to the pandemic, import has reduced to nearly 13 million tonne. ''In 2019-20 the import dropped to 13.2 million tonne valued about Rs 71,600 crore. In 2020-21, India imported similar quantity but import bill jumped by 63 per cent and touched an alarming level of Rs 1.17 lakh crore due to hike in international prices of edible oils,'' SEA had said last month.