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- Many companies including Ruchi Soya have cut the price of edible oil up to Rs 20 per litre, customers will benefit in 1-2 weeks
New Delhi19 hours ago
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Edible oil has become cheaper. On Thursday, makers of branded edible oils slashed prices of palm, sunflower and soybean oils by up to Rs 20 per litre. These cuts were made after the decline in international prices. Consumers got some relief from inflation because of this fall.
Edible oil majors Adani Wilmar and Ruchi Industries, in addition to Gemini Edibles & Fats India, Modi Naturals, Gokul Re-Foil & Solvent, Vijay Solvex, Gokul Agro Resources and NK Protein drove down oil prices.
Oil demand is expected to increase
Falling prices are expected to increase demand for oil. Lower prices will also have an impact on retail price inflation. In the edible oils and fats category, inflation of 13.26% was observed in May. The main reason for this is the increase in domestic edible oil prices over the past year.
Soybean oil cheaper by Rs 5 per liter
Sudhakar Rao Desai, President of the Indian Vegetable Oil Producers Association, said: “Palm oil prices have fallen by Rs 7-8 per litre. Sunflower oil prices fell by 10 to 15 rupees per liter and soybean oil by 5 rupees per litre.
A new MRP oil will be available from next week
Adani Wilmar MD Angshu Malik said, “We are reducing the MRP (maximum retail price) of edible oil at the request of the government and to support consumers. This deduction will be according to the market trend. Oil will hit the market next week with the new MRP.
Last week was also deducted Rs 15
Gemini Edibles & Fats, based in Hyderabad, last week reduced the MRP of a one-liter sachet of its Freedom sunflower oil by Rs 15 to 220 and is expected to reduce it by Rs 20 to Rs 200 per liter this week.
Oil prices have risen sharply in one year
Domestic cooking oil prices are determined based on international prices, so oil prices in the country have increased significantly over the past year. This has been a major cause of concern for the government. The government has taken several measures to control prices and provide relief to consumers.
Supply begins in Argentina and Russia
The reduction in duties on crude sunflower oil has helped reduce sunflower oil prices. Apart from that, sunflower oil has been supplied by countries like Argentina and Russia for a few weeks. For this reason, prices have fallen.
70% Sunflower Oil Consumption in Southern States
P Chandrasekhar Reddy, senior vice president of Gemini Edibles & Fats, said the southern states and Odisha account for around 70% of sunflower oil consumption in India. Oil supply has increased and the world price is falling, but so far it has not reached the pre-Covid level.
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