Cooking Oil Becomes Cheaper by up to Rs 20/Litre on Import Duty Reduction

Cooking Oil Becomes Cheaper by up to Rs 20/Litre on Import Duty Reduction

 

The prices of domestic cooking and edible oils have started to cool off by as much as Rs 10 to 20 per litre after having surged during last year and the beginning of this year. Several brands, in the recent times have announced a cut in the prices of edible and cooking oils. This is because companies have started to pass on the cuts in import duty. This reduction in oil prices comes in the at a time when the central government reducing the import duties on edible oils, hence making them cheaper, companies have said.

 

Major retail brands including Adani Wilmar, Patanjali, Mother Dairy and Emami Agrotech have already announced a price cut in cooking oils including mustard oil, soyabean oil and vegetable oil. Other companies are also expected to follow suit and reduce the price of this essential kitchen item.
FMCG firm Adani Wilmar on Saturday slashed the prices of its edible oils by Rs 10. It has reduced the maximum retail price (MRP) of Fortune refined Sunflower oil’s 1-litre pack to Rs 210 from Rs 220, the company said in a statement. The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced to Rs 195 from Rs 205, it added. “We are passing on the benefit of the reduced cost to our customers, who can now expect purest edible oils made with highest safety and quality standards, which are also light on their pockets. We are confident the lower prices will also boost demand,” Adani Wilmar MD and CEO Angshu Mallick said.
As per a report by Livemint quoting an anonymous official, Baba Rajmdev-led Patanjali Ayurved has lowered edible oil prices by 7-10 per cent. The price cut has been implemented across soybean, groundnut, sunflower and rice bran oils on the softening price of cooking oils, the official said.
Milk cooperative company Mother Dairy has also reduced the prices of its Dhara edible oils across variants by up to Rs 15 per litre. “This reduction is largely being done for oils majorly consumed in our country such as mustard oil, soyabean oil and sunflower oil, on account of recent government-led initiatives, reduced impact of international markets and ease in availability of sunflower oil, including improved domestic sunflower crop. Dhara edible oil variants with the new MRP will reach the market by next week,” said the company on June 16.
Edible oil prices have been ruling at very high levels since last one year due to high rates in the international market. International and domestic prices of edible oils surged during 2021-22 due to lower production of oilseeds and higher manufacturing and logistics costs. However, the government recently reduced the import duty on crude and refined edible oils, which allowed FMCG companies to cool off their retail prices. India imports around 13 million tonnes of edible oils annually to meet domestic demand. The import dependency is to the tune of 60 per cent.

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