Major cooking oil brands have reduced prices after the government reduced import tax
New Delhi:
Major cooking oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10 to 15 percent to provide relief to consumers, said the Solvent Extraction Association (SEA). ) said Monday.
The companies slashed prices after the Food Department asked them to act in sync with the previously announced reduction of import duties on cooking oils by the government.
Import taxes are cut to control the escalating domestic cooking oil prices.
Thereafter, discounts were made by Adani Wilmar (Fortune brand), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan brands) and Chambal) and Gemini (Free Sunflower Oil Brand), the industry body said.
COFCO (Nutrilive brand), Frigorifico Allana (Sunny brand), Gokul Agro (Vitalife, Mahek and Zaika brand) have also reduced prices.
“We are pleased to share that our top members have taken the initiative to respond and reduce the MRP on their marketed cooking oils, across the board, by 10-15% to provide relief to consumers. during the festive season,” the Solvent Extraction Association of India (SEA) said in a statement.
With the goal of consumer relief, Food Union Minister Sudhanshu Pandey convened a meeting of industry leaders a few days ago and asked them to cooperate with the import tax cut decision that government announced.
SEA said it hopes the new year will bring more cheer to consumers with expectations of a major domestic crop coupled with lower international prices in the coming months.
The SEA added that the exorbitant increase in the price of cooking oil in the past few months due to high international prices has worried domestic consumers as well as policy makers.
The last import duty reduction was implemented by the government on December 20 when the basic customs duty on refined palm oil was reduced to 12.5% from 17.5% until the end of March 2022.
To boost supply, the government has allowed traders to import refined palm oil without a license for another year until December 2022 and the market regulator has banned the launch of derivatives contracts. of crude palm oil and some other agricultural commodities.
