In order to give relief to the consumers in Diwali, many edible oil companies are preparing to reduce the prices. Adani Wilmar and Ruchi Soya have already started it. Both have reduced the wholesale price of their brand of edible oils by Rs 4 to 7 per kg. Now other companies can also reduce the price.
Many well-known companies reduced prices
Other companies that have cut edible oil prices include Gemini Edibles & Fats (Hyderabad), Modi Naturals (Delhi), Gokul Refuels & Solvent (Sidhpur), Vijay Solvex (Alwar), Gokul Agro Resources and NK Protein Pvt Ltd (Ahmedabad). . Atul Chaturvedi, President of Solvent Extractor Association (SEA), said that the organization had appealed to the companies to reduce the prices, to which they gave a very good response. The companies have said that they will cut the price per tonne by Rs 4000 to 7000. That is, the edible oil will be reduced by four to seven rupees per kg.
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Edible oil prices increased by 45 percent in one year
Chaturvedi said that this year the cultivation of groundnut and soybean will be good. Sowing of mustard has also been very good. Hope there will be a good harvest. Canola crop is also expected to be very good. With this, the problem of supply in the international market is now reducing. Due to this, oil prices may fall in the coming days. The prices of edible oil have increased significantly in the international market. This has had an impact on the domestic market. To soften the prices in the domestic market, the government has imposed a stock or storage limit on the traders of edible oils till March 31. However, some importers-exporters have been exempted from this.
According to the Ministry of Food Affairs, the average price of soybean oil was recorded on 6 October at Rs 154.95. This year this price is 46.15 percent more than last year’s price of Rs 106 per liter. The price of mustard oil has gone up to Rs 200 per liter. The same is true of other edible oils.
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