On Monday, edible oil company Adani Wilmar, which distributes its products under the Fortune brand, announced a drop in cooking oil prices of up to Rs 30 a litre in response to falling costs throughout the world. Soybean oil has undergone the most reduction. Stocks with updated prices will shortly be available on the market.
Soybean and rice bran oils' prices were reduced by up to Rs 14 per litre on February 7 by Mother Dairy, which sells edible oils under the Dhara brand.
On July 6, the food ministry organised a conference to address edible oil costs and instructed edible oil companies to pass on savings from a drop in the price of cooking oil to customers.
According to a statement from the firm, "Adani Wilmar has further decreased edible oil prices from the reduction implemented by the company last month," continuing "the global price reduction and the government's endeavour to pass on the benefits of reduced edible oil prices to customers."
The price of Fortune soy oil has been reduced from Rs 195 per litre to Rs 165 per litre. The price of sunflower oil has been reduced from Rs 210 per litre to Rs 199 per litre. The MRP (maximum retail price) for mustard oil has decreased from Rs 195 per litre to Rs 190.
The MRP of groundnut oil has decreased from Rs 220 per litre to Rs 210 per litre while the price of Fortune rice bran oil has been reduced from Rs 225 per litre to Rs 210 per litre. Raag palmolein oil is now available for Rs 144 per litre, down from Rs 170 per litre, and Raag vanaspati is now available for Rs 185 per litre from Rs 200 per litre.
According to Angshu Mallick, MD & CEO of Adani Wilmar, "We have passed on the benefits of the worldwide price decrease to our consumers and the stocks with new prices would reach the market soon. Our customers will be able to purchase our products for less money. This action will undoubtedly increase demand for the approaching holiday season," he added.
According to the firm, the strong drop in worldwide pricing has led to a sharp decline in oil prices. One of the nation's fastest-growing FMCG companies is Adani Wilmar. Its products include rice, atta, sugar, besan, ready-to-cook khichdi, soy chunks, and more in addition to a variety of edible oils.
