Edible oils may get cheaper by nearly 6%
03/05/2023 (The Economic Times), Pune - Edible oil companies have decided to reduce prices of cooking oils by up to 6% following the government's advice that the maximum retail price (MRP) should be lowered in line with the fall in the commodity's international rates.
Adani Wilmar, which sells cooking oils under the brand name Fortune, and Gemini Edible and Fats India, which owns the Gemini brand, have decided to cut prices by ₹5/litre and ₹10/litre, respectively. The benefit of the price cut will reach will reach consumers in about three weeks, they said.
The Solvent Extractors' Association (SEA) on Tuesday issued a statement saying, "The Department of Food and Consumer Affairs has advised SEA to inform its members to reduce the MRP on edible oils and pass on the benefits to the consumers."
"International prices have been sharply reduced in the last six months; especially in the last 60 days. Despite the bumper production of groundnut, soyabean and mustard, the local prices have not declined in line with the international markets. The prices of edible oil (MRP) in the domestic market seems to be on a higher side, considering prevailing market scenario," said SEA.