Adani Wilmar cuts Fortune oil’s price for the second time, by ₹20
- High edible oil prices have been impacting all consumers and low-income households have been bearing the brunt of it.
- A big chunk of consumer income on essential items, especially on edible oils, whose prices have increased 50-70% more than pre-COVID levels.
- A survey conducted by community social media platform LocalsCircle earlier this year found that 24% of Indian households had cut their oil consumption when it touched historic highs and 67% of consumers were paying more for it by reducing spending and savings.
- There’s finally some good news for consumers as Adani Wilmar’s Fortune Oil and Raag have reduced prices of edible oil for the second time in a month.
AdvertisementYour thalinomics might finally change for the better as the prices of edible oil start coming down from historic highs this month. FMCG giant Adani Wilmar, the maker of Fortune oil, has announced a reduction in its sticker price for the second time.
After reducing its edible oil prices by ₹10 in June, Fortune Oil’s Soyabean Oil, Sunflower Oil, Mustard Oil, Rice Bran Oil will get cheaper by up to ₹5-20 per litre.
This comes after the government had slashed import duties by 5.5% and asked the manufacturers to pass it on to consumers.
“We have passed on the benefits of global price reduction to our consumers and the stocks with new prices will reach the market soon. Our products will be available at reduced costs to our consumers. This step will certainly boost demand for the upcoming festive season,” said Angshu Mallick, MD and CEO, Adani Wilmar.
India is highly dependent on oilseeds growers outside the country as it is the world's second-largest consumer and number one importer of vegetable oil. It meets 55-60% of its needs through imports.
Import-reliant edible oil prices have been on an upward trend this year and common people have been feeling the heat of it. A reduction in import duties, therefore, will bring respite for both oil manufacturers and consumers.
With the festive season around the corner, Adani Wilmar is now optimistic that price reduction will boost consumer sentiment.
|Edible Oils||Earlier Price (in ₹)||Revised MRP (in ₹)|
|Fortune Soyabean Oil||195||165|
|Fortune Sunflower Oil||210||199|
|Fortune Mustard Oil||195||190|
|Fortune Rice Bran Oil||225||210|
|Fortune Groundnut Oil||220||210|
|Raag Palmolein Oil||170||144|
According to recently released data by the Ministry of Statistics and Programme Implementation, edible oil prices are over 9% higher than they were last year. After vegetables and spices, oils and fats have seen the biggest increase in the inflation rate during the same period.
With two consecutive price reductions in edible oil stickers, prices in the food basket might cool down after all, even as the retail inflation remained stable in June, just as it was, the month before.
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