The reduction in prices of edible oils came after the Indian government slashed import duties and a cooling down in the international markets.
New Delhi: Edible oil brands slashed their prices of sunflower, soybean, mustard, and palm oil by as much as Rs 20, ushering in some relief to the kitchen budgets across India.
The reduction in prices of edible oils came after the Indian government slashed import duties and a cooling down in the international markets. India’s 60% demand of edible oils is met by imports from other countries. According to reports, Mother Dairy announced that the MRP of Dhara edible oils would be cut by up to Rs 15 per litre across all types, primarily mustard oil, soyabean oil, and sunflower oil.
MRP of Gemini Edibles & Fats’s branded sunflower oil has been reduced by Rs 20 to Rs 200. The company said it is lowering sunflower oil prices as of now because that had seen a massive spike due to the Ukraine-Russia.
A report on the reduction of the edible oil prices said, “Recent government-led actions, reduced international market impact, and ease of availability of sunflower oil, including enhanced domestic sunflower harvest.”
Meanwhile, Adani Wilmar slashed its edible oil prices by Rs 10. Angshu Mallick, MD & CEO, Adani Wilmar, said, “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.”
The slashing of prices come amid the annual rate of inflation rising to a record 15.88% (Provisional) for the month of May, 2022 as compared to 13.11% in May, 2021, the Ministry of Commerce and Industry had said on Tuesday. This had come a month after the inflation rate was pegged at 15.08%.