Central duty cuts help lower edible oil prices

Hyderabad: Government measure on duty cuts of crude sunflower oil has aided Freedom Healthy Cooking Oils company to reduce the prices of edible sunflower oil. These oils had witnessed a steep increase in prices earlier this year due to the higher prices of imported crude sunflower oil, surging manufacturing, transportation costs, and less production.

The company's refined sunflower oil price has been lowered to Rs 140 or below per litre from Rs 180 or more per litre.

Following the Central Government's intervention, a series of duty cuts were imposed on crude sunflower oil, as a result the company could bring down the prices, P Chandra Shekhara Reddy, Sr vice president Sales and Marketing, Freedom Healthy Cooking Oils has said.

"Most of the sunflower oil India consumes is from the southern States of India and Odisha. The crude sunflower oil is imported mainly from Ukraine and Russia and refined at our state-of-art refineries at Kakinada and Krishnapatnam, with an automated refining and packaging process, ensuring world-class quality and hygiene. Our selling prices are determined by the global price trends, foreign currency, import duties, transport, and manufacturing costs," he said.

"Earlier this year, due to global factors, the price of oil rapidly went up to Rs 180 per litre. With the Centre initiating a series of cuts in duty on crude sunflower oil, we could reduce the price of the oil. As of today, for consumers, our brand of the oil is available at Rs 140 or below per litre even though the marked price is higher. Most of the consumers are already aware that cooking oil brands are usually sold by retailers below the marked price," he added.

"The government move has affected a net reduction of over 20 per cent from the earlier peak prices. With the reduction in prices and the Sankranti festival round the corner, the demand for the edible sunflower is bound to go up further," Chandra Shekhara Reddy added.