For the average person, there is good news. From the following week, the price of edible oil will decrease. On the government’s recommendation, the majority of the nation’s edible oil companies have actually decided to lower cooking oil prices by up to 6%.
During a meeting with the top industry representatives on Thursday, 04 May 2023 in New Delhi, Department of Food and Public Distribution Secretary Sanjeev Chopra emphasized the importance of quickly passing on the decrease in the price of edible oil to consumers. According to a statement from the Ministry of Consumer Affairs, Food, and Public Distribution, the price of imported edible oils is declining internationally, creating a favorable environment for the Indian edible oil industry. In light of falling global prices, representatives from the Indian Vegetable Oil Producers’ Association (IVPA) and the Solvent Extraction Association of India (SEAI) met to discuss further lowering cooking oil retail prices.
The cost of edible oil from brands like Fortune, Dhara, and Gemini will be reduced after this decision by up to ₹ 20. SEAI has forecast that oil prices will fall in the upcoming quarter as well. It means to imply that future oil prices will decrease as well.
Adani Wilmar, a member of the Gautam Adani Group, has reduced oil prices by up to ₹ 5 per liter. Edible oils are offered by Adani Wilmar under the Fortune name. Soy, flax, mustard, rice bran, groundnut, and cottonseed oils are all sold by the business. Gemini Edible and Fats India, on the other hand, have decided to lower the prices by ₹ 10 per liter. In addition, Mother Dairy will immediately reduce the cost of edible oil sold under the Dhara brand by ₹ 15-20 per liter. The last price drop by Mother Dairy happened in July of last year.
The market is anticipated to receive fresh supplies of Dhara brand edible oil by the end of the following week. Customers will also benefit from price reductions for Adani Wilmar and Gemini Edible in about three weeks.
