Adani Wilmar, the Edible oil company, which sells its products under Fortune brand, on Monday said it will reduce cooking oil prices by up to Rs 30 per litre amid fall in global prices, the PTI reported. According to the report, the maximum reduction has been done in soyabean oil. The stocks with new prices will reach market soon, said Adani Wilmar.
Mother Dairy, which sells edible oils under the Dhara brand, had cut prices of soyabean and rice bran oils by up to Rs 14 per litre on February 7.
The food ministry had called a meeting on July 6 to discuss edible oil prices and directed edible oil firms to pass on the benefits of fall in global cooking oil prices to consumers.
"In continuation to the global price reduction and the government’s effort to pass on the benefits of reduced edible oil prices to consumers, Adani Wilmar has further slashed edible oil prices from the last month’s reduction effected by the company," a company statement said.
Fortune soyabean oil price has been revised to Rs 165 per litre from Rs 195 per litre. The sunflower oil rate has been revised to Rs 199 per litre from Rs 210 per litre. Mustard Oil MRP (maximum retail price) has been cut to Rs 190 per litre from Rs 195 per litre.
Fortune rice bran oil price has been revised downwards to Rs 210 per litre from Rs 225 per litre, while the MRP of groundnut oil has been cut to Rs 210 per litre from Rs 220 per litre.
The price of Raag vanaspati has been reduced to Rs 185 per litre from Rs 200 per litre and that of Raag palmolein oil to Rs 144 per litre from Rs 170 per litre.
Angshu Mallick, MD & CEO, Adani Wilmar, said, "We have passed on the benefits of global price reduction to our consumers and the stocks with new prices will reach market soon. Our products ...will be available at reduced costs to our consumers. This step will certainly boost demand for the upcoming festive season."
The steep reduction in oil prices comes in the wake of global prices falling sharply, the company said.
Adani Wilmar is one of the fastest-growing FMCG companies in the country. Besides a range of edible oils, its offerings include rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and others.