In a relief to consumers, edible oil company Adani Wilmar on Monday said it has reduced cooking oil prices by up to Rs 30 per litre amid fall in global prices. The company, which sells its products under Fortune brand, has slashed the prices the most in soyabean oil. The stocks with the reduced prices will reach market soon.
The move comes after the government recently asked edible oil companies to cut prices on edible oils in order to pass on the benefits of a decline in international edible oil rates to consumers.
On February 7, Mother Dairy, which sells edible oils under the Dhara brand, had cut prices of soyabean and rice bran oils by up to Rs 14 per litre.
“In continuation to the global price reduction and the government’s effort to pass on the benefits of reduced edible oil prices to consumers, Adani Wilmar has further slashed edible oil prices from the last month’s reduction effected by the company,” Adani Wilmar said in a company. Fortune soyabean oil price has been revised to Rs 165 per litre from Rs 195 per litre.
The company has reduced Fortune rice bran oil price to Rs 210 per litre from Rs 225 per litre, while the MRP of groundnut oil has been cut to Rs 210 per litre from Rs 220 per litre. Raag vanaspati’s rate has been revised downwards to Rs 185 per litre, from Rs 200 per litre and that of Raag palmolein oil to Rs 144 per litre from Rs 170 per litre.
The sunflower oil rate has been reduced to to Rs 199 per litre from Rs 210 per litre. Mustard Oil MRP (maximum retail price) has been cut to Rs 190 per litre from Rs 195 per litre.
“We have passed on the benefits of global price reduction to our consumers and the stocks with new prices will reach market soon.. Our products …will be available at reduced costs to our consumers. This step will certainly boost demand for the upcoming festive season,” said Angshu Mallick, MD and CEO of Adani Wilmar.
The steep reduction in oil prices comes in the wake of global prices falling sharply, the company said. Adani Wilmar is one of the fastest-growing FMCG companies in the country. Besides a range of edible oils, its offerings include rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and others.
Edible oil makers had cut prices by up to Rs 10-15 per litre last month and prior to that had also reduced the MRP taking cues from the global market. Taking note of a further drop in global prices, Food Secretary Sudhanshu Pandey called a meeting of all edible oil associations and major manufacturers to discuss the current trend and pass on the falling global prices to consumers by reducing the MRP.