Major edible oil companies cut MRP by 10-15% to give relief to consumers, said SEA

Major edible oil companies cut MRP by 10-15% to give relief to consumers, said SEA

On Monday, Major edible oil companies, including Ruchi Soya and Adani Wilmar, have reduced their products' maximum retail price (MRP) by 10-15 percent to help consumers, industry body SEA said.

Gemini Freedom sunflower oil brands have reduced the prices, Ruchi Soya on Mahakosh, Sunrich, Chambal brands and Nutrella brands, Adani Wilmar on Fortune brands, Bunge Dalda, Gagan, Ruchi Gold, and Emami Healthy & Tasty brands, it said.

Gokul Agro (Vitalife, Mahek, and Zaika brands), Frigorifico Allana Sunny brands), COFCO Nutrilive brands and others have also reduced prices, it added.

SEA said in a statement.

"We are happy to share that our top members have responded proactively and reduced on edible oils retailed by them, across the deliver 10-15 percent to deliever relief to end consumers during the festival season,"

Intending to help consumers, Sudhanshu Pandey, Union Food Secretary, called a meeting of oil industry leaders one or two days back and requested them to respond positively and actively to the reduction in import duties that the government had announced.

Major edible oil companies cut MRP by 10 15 to give relief to consumers said SEA 1pixabay image

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The industry body said the New Year would bring happier tidings for consumers with expectations of a sizeable domestic mustard crop coupled with softening international prices in the coming months.

The SEA further said that the excessive price rise in edible oils during the last few months on a report of high international prices was unnerving domestic consumers and policymakers.

To lead in the prices of edible oils, the government has reduced import duties on both refined and crude edible oils several times this year.

The government made the last reduction on import duty on December 20, when the essential customs duty on refined palm oil was driven down to 12.5 percent from 17.5 percent till the end of March 2022.

To boost supplies, the government has allowed traders to import refined palm oil without a license for one more year until December 2022. The markets regulator banned the launch of new derivative contracts of crude palm oil and a few other agricultural commodities.

According to the SEA, India's dependence on imported edible oils is nearly 65 percent of the total consumption of 22-22.5 million tonnes.

The country imports around 13-15 million tonnes to bridge the demand and domestic supply.

For the last two marketing years (November to October), the imported quantity reduced to nearly 13 million tonnes due to the pandemic.

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