Edible oil companies have chosen to lower cooking oil prices by a maximum of 6% in response to the government’s recommendation to align the maximum retail price (MRP) with the drop in international commodity rates.
Fortune, the cooking oil brand sold by Adani Wilmar, and Gemini Edible and Fats India, the company that owns the Gemini brand, have both agreed to reduce their prices by INR 5/litre and INR 10/litre, respectively. They have indicated that consumers can expect to see the benefit of these price cuts in approximately three weeks.
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.
