Adani Wilmar slashed the prices of its edible oils by Rs. 10 in the wake of the central government’s decision to reduce import duties on it.
- Adani Wilmar reduced the MRP of edible oils by Rs. 10.
- The company’s decision came following the cut in import duty on the commodities.
- The company desired to share the emerging benefits with their customers.
Adani Wilmar is the largest edible oil player, along with being one of the fastest-growing, fast-moving consumer goods companies in the country. In a statement, the company announced reducing edible oil prices by Rs. 10. The Maximum Retail Price (MRP) of Fortune refined Sunflower oil’s 1-litre pack is slashed from Rs. 220 to Rs. 210. Similarly, the MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard) oil1-litre packs is lowered from Rs. 205 to Rs. 195. The stocks with new prices will reach the market soon, the company added.
As a response to the Government’s move
The drastic reduction in oil prices is an aftermath of the reduction of import duties on edible oils by the central government. Hence, making oil cheaper. Through this measure, the company aspires to pass on the resulting benefit to its consumers.
“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.
Low production of oilseeds paired with high manufacturing and logistics cost during 2021-22 led to prices of edible oils blowing up. This was the case in both domestic and international markets. However, cutting down on import duties on crude and refined edible oils has contributed to the cooling of these high prices.
Aside from a range of edible oils, Adani Wilmar’s product line ranges from rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and others.
On Saturday, FMCG Adani Wilmer released a statement announcing a cut of Rs. 10 in the price of its edible oils. The decision came after the government’s move to reduce import duties on edible oils to reduce their MRP.
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