Bringing some relief to the monthly kitchen budget, edible oil brands are reducing the maximum retail price (MRP) of oils such as sunflower, soybean, mustard, and palm oil by Rs 20 the most.
The ease in international prices and government interventions to douse the inflaming domestic prices led to cut in the Oil MRPs.
Notably, India satisfies 60% of its edible oil requirements from outside.
Hyderabad-based Gemini Edibles & Fats India Limited (GEF India), which manufactures and distributes edible oil, has trimmed the MRP of its products by Rs 20, with now the selling price of Rs 200.
The company said it had increased the upper-ceiling price limit of its products as the Ukraine-Russia war led to a blockage in global supplies from the two largest producers of sunflower oil.
The reduction in the MRP of sunflower oil will be reflected in the market in the following 5-7 days.
Mother Dairy has announced slashing the edible oil prices by max by Rs 15 per liter across variants.
“The maximum retail prices (MRP) of Dhara edible oils are being reduced by up to Rs 15 per liter across variants,” Mother Dairy Spokesperson said.
“This reduction is largely being done for oils majorly consumed in our countries such as Mustard Oil, Soyabean Oil, and Sunflower Oil, on account of recent government-led initiatives, reduced impact of international markets and ease in availability of sunflower oil including improved domestic sunflower crop,” the Spokesperson said.
One liter pack of Dhara mustard oil, which currently has a selling price of Rs 208, will be lowered to Rs 193. The price of Dhara refined sunflower oil will come down to Rs 220 from the current MRP of Rs 235. In the case of refined soyabean oil, 1 liter of Poly Pack will cost Rs 194 from the prevailing MRP of Rs 209.
Cooking oil prices saw a multi-fold increase over a few quarters as a consequence of soaring crude oil prices aggravated by the Ukraine-Russia war.
The government decreased the base import costs of crude palm oil and soy oil earlier this week, inter-alia, and permitted duty-free imports of 20 lakh metric tonnes of crude sunflower and soy oil per year till 2024 in May.