Cooking oils will become more affordable as brands reduce MRPs by up to Rs 20 per litre.
Image credit: Oneindia
Cooking oil prices are poised to drop, with edible oil brands reducing the maximum retail price (MRP) of sunflower, soybean, mustard, and palm oil, providing a big relief to customers.
The price reductions follow a period of cooling in worldwide pricing as well as government actions 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 cut by Rs 20, from Rs 220 to Rs 200. Sunflower oil prices are being decreased for the time being, according to the company, because they have seen the steepest increases, owing to the Ukraine-Russia war cutting off world supplies from the two main suppliers of sunflower oil.
In the next 5-7 days, sunflower oil with a lower MRP will be available on the market.
In a statement, Mother Dairy also stated that the MRP of Dhara edible oils will be cut by up to Rs 15 per litre across all variations, primarily mustard oil, soyabean oil, and sunflower oil.
This was due to “recent government-led initiatives, reduced international market impact, and ease of availability of sunflower oil, including an increased domestic sunflower harvest,” according to the report.
Dhara sunflower oil costs Rs 235 per litre, while mustard oil pouches cost Rs 210. By next week, Dhara edible oil varieties with the new MRP will be available on the market.
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 percent in March 2022 compared to just two months earlier in January 2022, while palm oil prices had risen 17 percent, mustard oil had risen 7%, and groundnut oil had risen 4%.
The government decreased the base import prices of crude palm oil and soy oil earlier this week, and permitted duty-free imports of 20 lakh metric tonnes of crude sunflower and soy oil per year till 2024 in May.
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