Slight relief for consumers as companies slash edible oil prices

People are already troubled by the sky rocketing prices of petrol, diesel and LPG. But the common man can get slight before Diwali as edible oil prices have come down during the festive season. Major edible oil companies including Adani Wilmar and Ruchi Soya Industries have cut wholesale prices by Rs 4-7 per litre.

Industry body Solvent Extractors Association (SEA) said that other companies may also take such step soon. The firms that have reduced the wholesale rates of edible oils are Gemini Edibles & Fats India Pvt Ltd (Hyderabad), Modi Naturals (Delhi), Gokul Refoils & Solvents Ltd (Siddhapur), Vijay Solvex Ltd (Alwar) Gokul Agro Resources, SEA said. Ltd and NK Proteins Pvt Ltd (Ahmedabad).

SEA had also appealed to the companies to provide some relief to consumers from high prices during festivals. After this, these companies have reduced the wholesale prices. SEA President Atul Chaturvedi said, “The response from the industry is very encouraging. Even before this, wholesalers have reduced the wholesale prices by Rs 4,000-7,000 per tonne (Rs 4-7 per liter) and other companies are also going to reduce the prices of edible oil.

Chaturvedi said that this year, the domestic soybean and groundnut crop is showing a boom, while the initial reports of mustard sowing are very good and a bumper rapeseed crop is expected. In such a situation, the price of oil is expected to decrease further. Apart from this, the situation of world edible oil supply is also improving, due to which international prices are expected to fall further.