Major edible oil brands cut their prices after the government reduced import duty
New Delhi:
Industry body Solvent Extractors Association (SEA) on Monday said major edible oil companies including Adani Wilmar and Ruchi Soya have reduced the maximum retail price (MRP) of their products by 10 to 15 per cent to provide relief to consumers.
The prices have been cut by companies as the food ministry asked them to keep pace with the reduction in import duty on edible oils, which was announced by the government earlier.
The import duty was cut to control the rising prices of edible oils in the country.
The price cuts have been followed by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy and Tasty brands), Bunge (Dalda, Gagan and Chambal brands) and Gemini. . (Freedom sunflower oil brand), the industry body said.
COFCO (Nutrilive brand), Frigorifico Allana (Sunny Brands), Gokul Agro (Vitalife, Mahek and Zaika brands) have also reduced their prices.
Solvent Extractors Association of India (SEA) said, “We are happy to inform that our key members have increased the MRP on edible oils marketed by them by 10-15% to provide relief to the consumers during the festive season. percentage has been reduced.” ) said in a statement.
With a view to provide relief to consumers, Union Food Secretary Sudhanshu Pandey had called a meeting of industry leaders a few days back and requested them to cooperate with the government’s decision to cut import duty, which was announced .
SEA said it expects the new year to bring good news for consumers with hopes of a bigger domestic mustard crop in the coming months coupled with moderation in international prices.
SEA further said that excessive price rise in edible oils during the past few months due to high international prices was troubling the domestic consumers as well as the policy makers.
The last reduction in import duty was done by the government on December 20 when the basic customs duty on refined palm oil was reduced from 17.5 per cent to 12.5 per cent by the end of March 2022.
To boost supply, the government has allowed traders to import unlicensed refined palm oil for one more year till December 2022 and the market regulator has announced the launch of new derivatives contracts for crude palm oil and some other agricultural commodities. is banned.
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