New Delhi:
Major edible oil companies, including Adani Wilmar and Ruchi Soya, have slashed the maximum selling price (MRP) of their products by 10 to 15 percent to ease consumers, the industry association Solvent Extractors Association (SEA) said Monday.
Prices have been cut by the companies after the Ministry of Food asked them to act in line with the cut in tariffs on edible oils, which the government had previously announced.
Import duties were reduced to contain the rising prices of edible oils in the country.
Subsequently, the price reductions were implemented by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan and Chambal brands) and Gemini (Freedom). sunflower oil brands), according to the trade association.
COFCO (Nutrilive brands), Frigorifico Allana (Sunny brands), Gokul Agro (Vitalife, Mahek and Zaika brands) also cut their prices, it added.
“We are pleased to report that our lead members have proactively responded and reduced the MRP on their marketed edible oils by 10-15 percent across the board to provide relief to consumers during the festival season,” Solvent Extractors Association of India (SEA) said in a statement.
To help consumers, the Union’s food minister, Sudhanshu Pandey, convened a meeting of industry leaders a few days ago and asked them to participate in the government’s announced decision to cut tariffs.
SEA said it is hopeful that the new year will bring happier consumers with the expectation of a large domestic mustard harvest coupled with falling international prices in the coming months.
The SEA went on to say that the exorbitant price increase of edible oils over the past few months due to high international prices has made both domestic consumers and policymakers nervous.
The last cut in tariffs came on December 20, when basic customs duties on refined palm oil were reduced from 17.5 percent to 12.5% at the end of March 2022.
To increase inventories, the government has allowed traders to import refined palm oil without a license for another year until December 2022, and the market regulator banned the launch of new derivative contracts of crude palm oil and a few other agricultural commodities.