Breather for consumers as edible oil brands slash prices
Major edible oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10-15 per cent to provide relief to consumers, industry body SEA said on Monday.
image for illustrative purpose
New Year Relief
- Centre on Dec 20 reduced import duty on refined palm oil to 12.5% from 17.5%
- To boost supplies, the govt has allowed traders to import refined palm oil without licence till Dec 2022
- Sebi banned launch of new derivative contracts of crude palm oil and 6 other agricultural commodities
- India's dependence on import of edible oils is nearly 65% of the total consumption of about 22.5 MT
- India imports 15MT to bridge demand-supply gap
- For last 2 marketing years (Nov to Oct), due to the pandemic, the imported quantity reduced to nearly 13MT
- It caused escalation of edible oil prices
New Delhi: Major edible oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10-15 per cent to provide relief to consumers, industry body SEA said on Monday.
The prices have been reduced by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan, Chambal brands) and Gemini (Freedom sunflower oil brands), it said.
COFCO (Nutrilive brands), Frigorifico Allana (Sunny brands), Gokul Agro (Vitalife, Mahek and Zaika brands) and others have also reduced prices, it added.
"We are happy to share that our leading members have responded proactively and reduced price on edible oils marketed by them, across the board by 10-15 per cent to provide relief to consumers during the festival season," Solvent Extractors Association of India (SEA) said in a statement.
With a view to providing succour to consumers, Union Food Secretary Sudhanshu Pandey had called a meeting of industry leaders a few days back and requested them to respond positively to the reduction in import duties which the government had announced, it added.
The industry body said it is hopeful the New Year would bring happier tidings for consumers with expectations of a large domestic mustard crop coupled with softening international prices in coming months.
