Although edible oil Prices have come down as import duty on them has been cut by the government, with fast-moving consumer goods (FMCG) companies saying they will not cut prices, but will reduce the pace of increase in prices, a media report said. According to. Edible oil prices have been reduced by up to Rs 15-20 per litre.
Branded Edible Oil Manufacturer Oils including palm oil are slashing prices, as the central government recently cut import duties on them. The government this week has reduced the base import prices of crude palm oil, soya oil, gold and silver.
FMCG includes milk, soap, shampoo and biscuits. Palm oil and its derivatives are used in detergents, food products, biofuels and cosmetics. They are used in the manufacture of many daily consumption items such as shampoos, margarines, soaps, chocolates, biscuits and noodles. Therefore, any increase in palm oil prices will increase the input cost in these industries.
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.
“The pace of price hikes will slow down, but the price cuts will not,” Anil Chugh, president (consumer care business) of Wipro Consumer Care & Lighting, who is also a member of Santoor told ET, as quoted by ET. As brands sell.
Recently, companies from all sectors increased the prices of their products citing higher cost costs. Some of them resorted to reducing the weight of the products instead of raising the prices so that sales would not be affected. In the two months of April and May this year, FMCG major Hindustan Unilever Ltd (HUL) increased the prices of its goods two-fold, citing rising costs.
India’s palm oil imports in May fell 10 per cent compared to April as top producer Indonesia imposed curbs on exports of the 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 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. The country is the largest importer of palm oil in the world and is dependent on Indonesia and Malaysia for its demand. About 45 percent of the total edible oil imports come 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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