Dhara, a brand that sells edible oil, is going to cut the price of its mustard and refined oil by Rs 15. This help is a dairy company. Which has announced to reduce the prices of mustard, soybean, and sunflower oil. Earlier on Thursday, branded edible oil manufacturers had reduced the prices of palm, sunflower, and soybean oil by up to Rs 20 per liter. These cuts have been made after the softening of international prices. This fall has given some relief to the customers from inflation.
Edible oil majors Adani Wilmar and Ruchi Industries, besides Gemini Edibles & Fats India, Modi Naturals, Gokul Re-Foil & Solvent, Vijay Solvex, Gokul Agro-Resources, and N.K. Protein had cut oil prices. Now the name of Mother Dairy has also been included in this.
Dhara's oil became cheaper by 15 rupees
Mother Dairy said in a statement that the prices of all categories of oils under the Dhara brand are being reduced by up to Rs 15. This price reduction will be on the MRP. The company is going to reduce the prices of mustard, soybean, and sunflower oil due to the efforts of the government, the decreasing influence of the international markets, and the availability of sunflower oil at the domestic level. Mother Dairy made it clear that the reduced prices of mustard oil packets will soon reach the market.
Palm oil also became cheaper
Sudhakar Rao Desai, president of the Indian Vegetable Oil Producers Association, said the effect of the reduction in oil prices would reach the consumers immediately. Right now the price of palm oil has fallen by Rs 7-8 per liter. While the price of sunflower and mustard oil has come down by Rs 10-15 per liter. At the same time, soybean oil has become cheaper by Rs 5 a liter.
Fortune oil will also be cheaper
Meanwhile, Anguish Malik, managing director of Adani Wilmar, the largest selling edible oil company, says that the company is going to reduce the prices of almost all categories of oils under its Fortune Bronze. Keeping in view the market trend, the MRP cut packing will reach the market by next week.
On the other hand, Hyderabad-based Gemini Edibles & Fats India last week slashed the price of a one-liter sachet of its Freedom Sunflower Oil by Rs 15 to Rs 220. This week the company is going to cut its price by Rs 20 per liter further.
Sunflower oil supply has increased
In the last few weeks, the supply of sunflower oil in the country has increased from countries like Russia and Argentina. Its effect is being seen in the form of a fall in the price. At the same time, the central government has also reduced the import duty on crude sunflower oil. Whereas domestically, the yield of sunflower seed has been good this time.
Supply starts from Argentina and Russia
Duty cut on crude sunflower oil has helped in reducing the prices of sunflower oil. Apart from this, sunflower oil is being supplied from countries like Argentina and Russia for the last few weeks. Due to this, the prices have come down.
70% Consumption of Sunflower Oil in the Southern States
P Chandrasekhar Reddy, Senior Vice President, Gemini Edibles & Fats, said, Southern states and Odisha account for about 70% of sunflower oil consumption in India. The supply of oil has increased and the global price is decreasing, but so far it has not reached the level before Kovid.
India imports 13 million tonnes of edible oils every year
Edible oil prices have remained very high for the last year due to higher rates in the international market. India imports around 13 million tonnes of edible oils annually to meet the domestic demand. The country's import dependence on edible oils is 60%.
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