Edible oil prices likely to drop further
18/07/2022 (Economic Times, India Times) - With Indonesia removing its export levy on all palm oil products until August 31, edible oil manufacturers in India will be able to pass on the benefits of softer global prices to final customers.
This follows on the heels of the government pushing enterprises to reduce the maximum retail price of edible oils by Rs 15. The correction should be in stores by the beginning of next month, TOI reported.
"Any shipment that started before July 15 is most probably going to reach Indian shores
He also added, "In addition, we may witness a hike in domestic crude palm oil prices in Indonesia by $50-100. That said, the development means prices are softening and all benefits are being passed on to Indian consumers.'
According to Sudhakar Rao Desai, CEO of Emami NSE -1.14 % Agrotech and president of the Indian Vegetable Oil Producers Association (IVPA), "Indian prices will reflect global trends.”
Last month, several Indian edible oil producers, including Adani Wilmar, Mother Dairy, and Emami Agrotech, implemented price reductions of Rs 10-15 across all oil categories.
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