There has been a reduction in the price of cooking oils. Major edible oil companies including Adani Wilmar and Ruchi Soya have reduced the maximum retail price (MRP) of their products. Industry body Solvent Extractors Association of India (SEA) has said that these companies have cut prices by 10 to 15 percent to give relief to consumers.
Which brands are involved
Solvent Extractors Association of India has said that Adani Wilmar has reduced the price on Fortune brand oils. Prices have also come down on Mahakosh, Sunrich, Ruchi Gold and Nutrela brand oils by Baba Ramdev’s Ruchi Soya. Prices have been reduced on Healthy & Tasty brand by Emami, Dalda by Bunge, Gagan, on Chambal brand and Freedom sunflower oil by Gemini. According to the organization, the reduction in edible oil prices has been done by Kafco on Nutrilive brand, by Frigorifico Elana on Sunny brand, by Gokul Agro on Vitalife, on Mehak & Zaika brand and by other companies.
10 to 15 percent reduction
New year will bring the message of happiness
“We are happy to inform that our key members have reduced the prices of their edible oils by 10-15% to provide relief to the consumers during the festive season,” SEA said in a statement. In order to provide relief to the customers, Union Food Secretary Sudhanshu Pandey had called a meeting of top oil industry companies a few days back and requested them to take positive action after the reduction in import duty.
The industry body said it expects the new year to bring a message of happiness to consumers with the expectation of higher domestic mustard production in the coming months with fall in international prices. The SEA further said that the sharp rise in edible oil prices during the past few months due to high international prices were troubling the domestic consumers as well as the policy makers.
Import duty has been cut
To check the prices of edible oils, the government has reduced the import duty on both refined and crude edible oils several times this year. The last reduction in import duty was done by the government on December 20 when the basic customs duty on refined palm oil has been reduced from 17.5 per cent to 12.5 per cent till the end of March, 2022.