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Leading edible oil producers reduces MRP by 10-15 percent

According to the Solvent Extractors Association of India (SEA), top edible oil producers, including Adani Wilmar, Ruchi Soya, Emami, Bunge, Gemini and Gokul Agro, in India have cut the maximum retail price (MRP) on edible oils by 10-15 percent. It said that the cut in the MRP followed a suggestion to its members to fix realistic prices consumers need to pay and disseminate the information to ensure retailers do not fleece the end user. This step has come when the Ministry of Consumer Affairs, Food and Public Distribution Secretary Sudhanshu Pandey convened a meeting of the industry leaders a few days ago and urged the leaders to respond positively to a reduction in import duties announced by the Centre. To note, this is the second time when edible oil manufacturers have lowered the MRP. Ahead of Diwali, many edible oil firms had cut the MRP by Rs 5-20 a kg. In recent past, the Centre had cut the basic customs duty on refined palm oil and RBD palmolein to 12.5 percent from 17.5 percent till March next, besides allowing import of these oils without any quantitative restrictions until December 31, 2022. On October 13 last year, the Government cut the Customs duty on crude edible oils to zero and reduced the Agriculture Infrastructure and Development Cess on all oils to bring down the prices.