Following the government's intention to reduce import duties on the commodity, Adani Wilmar, a Fast-Moving Consumer Goods (FMCG) business, dropped the cost of its edible oils by 10%, only days after Mother Dairy lowered the edible oil variant, Dhara's prices by Rs. 15 per litre.
Because of softening rates in global markets, Mother Dairy, one of the leading milk suppliers in Delhi-NCR, said on Thursday that it has dropped the price of its cooking oils by up to 15 per litre.
Following that, Adani Wilmar slashed the Fortune refined Sunflower oil's 1-litre pack's maximum retail price (MRP) to 210 from 220, according to a statement. Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packets have had their MRP cut from 205 to 195.
Stocks with new prices will be available on the market soon, according to the report.
This drop in oil costs follows the central government's decision to lower import duties on edible oils, making them more affordable, according to the company.
"We are passing on the cost reductions to our customers, who can now expect the purest edible oils made to the greatest safety and quality standards at a price that is affordable. We are optimistic that the lower prices will increase demand "Angshu Mallick, MD and CEO of Adani Wilmar, said.
Due to lower oilseed production and greater manufacturing and shipping expenses, edible oil prices increased both internationally and domestically in 2021-22.
Adani Wilmar sells rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and other commodities in addition to edible oils.
Dhara mustard oil (1 litre poly pack) was reduced from 208 to 193 per litre by Mother Dairy, which distributes its edible oils under the Dhara brand.
Dhara refined sunflower oil (1 litre poly pack) will now be sold at 220 per litre, down from 235 previously. Dhara refined soyabean oil (1 litre poly box) will be reduced in price from 209 to 194.
Mother Dairy said in a statement that "the maximum retail prices (MRP) of Dhara edible oils are being cut by up to 15 per litre across variants."
This reduction in pricing is due to recent government-led initiatives, a reduced impact of international markets, and the ease with which sunflower oil is available, it added.
"By next week, Dhara edible oil varieties with the revised MRP will be available on the market," it stated.
Due to rising rates on the international market, edible oil prices have risen during the last year.
To fulfill domestic demand, India imports roughly 13 million tonnes of edible oils each year. 60% of the economy is reliant on imports.
