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The company said that this reduction in oil prices is due to the reduction in import duty on edible oils by the central government as it has brought down the cost of oil. The rise in prices in foreign markets also put pressure on the prices in the domestic market, after which the government reduced the duty.
Now there is relief in the prices of edible oils. Companies in the FMCG sector are now passing on the benefits of the steps taken by the government to the consumers. FMCG sector company Adani Wilmar on Saturday edible oil ,Edible Oil) has announced a cut in prices, this reduction in prices by the government on the import duty on the commodity (import duty) after subtracting . Adani Wilmer (Adani Wilmar) today informed that it has reduced the prices of different products by up to Rs. The company has informed that the stock will be launched in the market soon with the new prices.
how much was the price cut
The company has issued a statement today saying 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 Kachchi Ghani Mustard Oil has been reduced from Rs 205 per liter to Rs 195. The company said that this reduction in oil prices is due to the reduction in import duty on edible oils by the central government as it has brought down the cost of oil. Commenting on the decision, Angshu Malik, MD & CEO, Adani Wilmar said, “We are passing on the benefits of cost reduction to our customers. Along with this, the MD expressed the hope that the fall in prices will help in increasing the demand. Apart from a range of edible oils, Adani Wilmar’s products include rice, flour, sugar, gram flour, ready-to-cook khichdi, soya chunks and others.
pressure on edible oil prices
In the year 2021-22, there was a sharp jump in the prices of edible oils. Due to the rise in prices in foreign markets, prices in India also increased. And the prices are currently close to their high levels. India buys almost half of its edible oil requirement from abroad. For this reason, there was a rapid increase in foreign markets in India as well. By reducing the import duty by the government, the cost of the companies has come down and they are passing the benefit of it to the customers.