After increasing in the last few months due to lower production of oilseeds and higher manufacturing and logistics cost, edible oil prices Branded manufacturers are cutting rates as the cooling off begins. Adani Wilmar has now cut the prices of its edible oils by Rs 10 per litre.
Adani Wilmar has reduced the maximum retail price (MRP) of 1-litre pack of Fortune Refined Sunflower Oil from Rs 220 to Rs 210. The MRP of Fortune Soyabean and Fortune Kachi Ghani (Mustard Oil) 1-litre packs has been reduced to Rs 195. 205, the company said in a statement on Saturday.
recently, Gemini Food and FatA Hyderabad-based company last week slashed the maximum retail prices (MRP) of its Freedom Sunflower Oil for a one liter sachet from Rs 15 to Rs 220. The company is also expected to further reduce the prices.
Why are edible oil prices falling?
Companies are reducing prices on edible oil as the central government recently cut import duty on them. The government this week has reduced the base import prices of crude palm oil, soya oil, gold and silver.
The new base import price of crude palm oil now stands at $1,620 a tonne, as against $1,625 a tonne. Similarly, the base prices of RBD palm oil and RBD palmolein have also been reduced to $1,757 per tonne and $1,767 per tonne, respectively. The base import price of crude soya oil has been reduced to $1,831 a tonne from $1,866 a tonne. Base value is used to calculate the amount of tax an importer is required to pay.
“We are passing on the benefit of low cost to our customers, who can now expect the purest edible oils made with the highest safety and quality standards, which is also light on their pocket. We are confident that lower prices will also drive demand,” said Angshu Malik, MD & CEO, Adani Wilmar.
India’s edible oil imports
The country’s palm oil imports fell 10 percent in May compared to April as top producer Indonesia imposed curbs on exports of edible oil. The Solvent Extractors Association (SEA) said: India It imported 5,14,022 tonnes of palm oil in May, up from 5,72,508 tonnes in April.
India is the largest importer of palm oil in the world and is dependent on Indonesia and Malaysia for its demand. India imports over 13.5 million tonnes of edible oil every year, of which 8-8.5 million tonnes (about 63 per cent) is palm oil. Now, about 45 percent comes from Indonesia and the rest from neighboring Malaysia. India imports around 4 million tonnes of palm oil from Indonesia every year.
Indonesia banned the export of palm oil in April. The export ban was not applicable to crude palm oil, but would cover only refined, bleached, odorless (RBD) palm olein. The country lifted the ban on May 23, almost a month after the ban was announced.
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