Edible oil brands are cutting the maximum retail prices (MRP) of sunflower, soybean, mustard, and palm oil by as much as Rs 20, providing some relief to soaring kitchen budgets. The price reductions are the result of international price cooling and government initiatives to lower domestic prices. 60 percent of India's edible oil needs are met by imports.
The MRP of Gemini Edibles & Fats' branded sunflower oil has been reduced by Rs 20 to Rs 200. Gemini Edibles & Fats sells the Freedom and Gemini brands of oils. The company said it was temporarily lowering sunflower oil prices because those had seen the greatest increases, owing to the Ukraine-Russia war shutting off-world supplies from the two main sunflower oil producers.
Mother Dairy, meanwhile, announced that the MRP of Dhara edible oils would be cut by up to Rs 15 per litre across all types, primarily mustard oil, soyabean oil, and sunflower oil.
This was due to "recent government-led actions, reduced international market impact, and ease of availability of sunflower oil, including enhanced domestic sunflower harvest," according to the report.
Currently, a litre of Dhara sunflower oil costs Rs 235, while a mustard oil bag costs Rs 210. By next week, Dhara edible oil varieties with the new MRP will be available on the market.
By market prices, Adani Wilmar would reduce the MRP of its Fortune brand of oils. From next week, Fortune's reduced MRP packs will be available for purchase. Sources tell CNBC-TV18 that the corporation will make an official statement next week.
A litre of Fortune Sunlite oil currently costs roughly Rs 245.
Cooking oil costs have reached new highs in recent quarters, owing to increased crude oil prices exacerbated by the Ukraine-Russia conflict.
According to Bizom data, sunflower oil prices had climbed 29 per cent in March 2022 compared to just two months earlier in January 2022, while palm oil prices had risen 17 per cent, mustard oil had risen 7%, and groundnut oil had risen 4%.
The government decreased the base import costs of crude palm oil and soy oil earlier this week, among other things, and permitted duty-free imports of 20 lakh metric tonnes of crude sunflower and soy oil per year till 2024 in May.
