Adani Wilmar cuts edible oil prices
Now there is relief in the prices of edible oils. Companies in the FMCG sector are now passing on the benefits of the measures taken by the government to the consumers. Now the price of edible oil has got relief. Companies in the FMCG sector are now passing on the benefits of this move of the government to the consumers. The reduction in prices comes after the government reduced the import duty on the goods. Adani Wilmar today announced that it has reduced the prices of various products by up to Rs. The company has informed that it will soon be launched in the stock market with new prices.
how much did the price drop
The company said in a statement today that it has reduced the price of one liter pack of Fortune Sunflower Oil from Rs 220 per liter to Rs 210 per litre. At the same time, the price of one liter pack of Fortune Soyabean and Fortune Kutchi Dense Mustard Oil has been reduced from Rs 205 to Rs 195 per litre.
The company said the fall in oil prices was due to reduction in import duty on edible oil by the central government as it brought down the price of oil. Commenting on the decision, Angshu Malik, MD & CEO, Adani Wilmar said, “We are passing on the benefit of cost reduction to our customers.” This gave the MDA hope that the reduction in prices would help boost demand. Apart from the range of edible oils, Adani Wilmar’s products include rice, flour, sugar, chickpea flour, canned oatmeal, soya chunks and others.
Edible oil prices under pressure
The year 2021-22 saw a sharp jump in the prices of edible oil. Rising prices in foreign markets also led to a rise in prices in India. And the prices are currently close to their highs. India buys half of its edible oil requirement from abroad. Due to this, India also saw rapid growth in overseas markets. The reduction in import duty by the government has brought down the cost of the companies and they are passing on the benefits to the consumers.