in a major relief for consumers, Fast Moving Consumer Goods (FMCG) firm Adani Wilmar on Saturday reduced edible oil prices by Rs 10 following the Centre’s move to reduce import duties on the commodity.
The price of Adani Wilmar’ Fortune refined Sunflower oil’s 1-litre pack has come down to Rs 210 from Rs 220. The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) oil 1-litre pack has also reduced to Rs 195 from Rs 205. The stocks with new prices will reach market soon.
“We are passing on the benefit of the reduced cost to our customers, who can now expect purest edible oils made with highest safety and quality standards which are also light on their pockets. We are confident the lower prices will also boost demand,” said Angshu Mallick, MD & CEO, Adani Wilmar.
The company stated that the reduction in oil prices comes in the wake of the central government reducing the import duties on edible oils, making them cheaper.
Indian Vegetable Oil Producers Association President Sudhakar Rao Desai recently said that the prices of palm oil have come down by Rs 7-8 per litre. The prices of sunflower oil have come down by Rs 10-15 per liter and soybean oil by Rs 5 per liter.
It is worth mentioning that international and domestic prices of edible oils shot up during 2021-22 due to lower production of oilseeds and higher manufacturing and logistics cost. However, now the prices have started to cool down after a reduction in import duty on crude and refined edible oils.
Meanwhile, Adani Wilmar is one of the fastest-growing FMCG companies in the country. Besides a range of edible oils, it also offers rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and others.
Earlier in May, Adani Wilmar Limited announced the acquisition of renowned Kohinoor Brand –domestic (India region) from McCormick Switzerland GMBH for an undisclosed amount. The acquisition would give the company exclusive rights over the brand ‘Kohinoor’ basmati rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries and meals portfolio under the Kohinoor Brand umbrella in India.
