Soon, edible oil will be cheaper, Patanjali Foods will reduce the price, know how much you will get relief in prices

Edible oil will soon be cheaper

In a meeting with edible oil companies, the government has asked the companies to cut oil prices soon. According to the government, the recent oil price cut is not enough.

Edible oil by the government (Edible OilAlong with instructing the companies to cut prices, the companies of the sector have started implementing it. In conversation with The Economic Times Patanjali Foods ,Patanjali Foods) CEO Sanjeev Kumar Asthana has informed that he will soon cut the prices of edible oil. Recently Ruchi Soya has been renamed as Patanjali Foods. Only last month, the company had cut the prices of its edible oil. Along with this, Adani Wilmar had also reduced the price of oil by Rs 10 per liter. However, the government considered these cuts to be insufficient and asked for further reduction in prices. After which companies are now moving in the direction of extending relief to the customers.

When will the price relief be available?

According to the ET report, Patanjali Foods will cut prices by Rs 10 to 15 per liter during the next two to three weeks. According to the CEO, he is continuously cutting the prices of edible oil since April 2022. During this, the prices of palm oil have been cut by Rs 20 per liter and in soy oil by Rs 20 per liter. On the other hand, sunflower oil has been reduced by Rs 25 per liter. According to him, the prices of edible oil have started declining all over the world. For this, the decreasing effect of the Russia Ukraine crisis is the main reason for the increasing reserves of edible oil in countries like Indonesia. Patanjali Foods has brands like Ruchi Gold Oil, Ruchi Vanaspati, Sunrich Refined Sunflower Oil, Nutrila Gold Blended Oil, Ruchi Star Refined Soyabean Oil.

what is the step of the government

On Wednesday itself, the government had a meeting with edible oil companies on measures to reduce the prices of edible oil. In this meeting, the government had instructed the companies to cut the prices of edible oil in the retail market. The Department of Food and Public Distribution has asked the edible oil companies to cut the prices of the products within a week. According to the government, the prices may come down further by 10 to 15 percent. Last month itself, the companies had cut the prices of edible oil by Rs 10 to 15 per liter. However, the government has not considered this deduction as sufficient. The government is taking many measures to bring oil prices under control and now wants the customers to get the full benefits of all these measures. Representatives of many oil companies of the sector were present in the meeting along with Food Secretary Sudhanshu Pandey. In the recent past, the government has taken steps like reduction in duty, while the prices in the international market are also improving. In such a situation, the retail prices in the country have also come down. However, the government is admitting that the reduction in retail prices has not happened as much as the fall in wholesale prices.