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Winning Bizness Desk

Mumbai. Edible oil has become cheaper now. Branded edible oil manufacturers on Thursday reduced the prices of palm, sunflower and soybean oils by up to Rs 20 per litre. These cuts have been made after the softening of international prices. This fall has given some relief to the consumers from inflation. Edible oil majors Adani Wilmar and Ruchi Industries, besides Gemini Edibles & Fats India, Modi Naturals, Gokul Re-Foil & Solvent, Vijay Solvex, Gokul Agro Resources and N.K. Protein has cut oil prices.

Oil demand expected to rise

The fall in prices is expected to increase the demand for oil. The fall in prices will also have an impact on retail inflation. In the edible oil and fat category, 13.26% inflation was seen in May. The main reason for this is the increase in the domestic prices of edible oil in the last one year.

Soybean oil cheaper by Rs 5 per liter

Sudhakar Rao Desai, President, Indian Vegetable Oil Producers Association said, "Palm oil prices have come down by Rs 7-8 per litre. The prices of sunflower oil have come down by Rs 10-15 per liter and soybean oil by Rs 5 per liter. Adani Wilmar MD Angshu Malik said, “We are reducing the MRP (maximum retail price) of edible oil on the request of the government and to support the consumers. This deduction will be as per the market trend. Oil will reach the market next week with the new MRP.

Oil prices had increased significantly in one year

The domestic prices of cooking oil are determined on the basis of international prices, so the oil prices in the country have increased significantly in the last one year. This has been a major cause of concern for the government. The government has taken several steps to rein in the prices and provide relief to the consumers.

Supply starts from Argentina and Russia

Duty cuts on crude sunflower oil has helped in reducing the prices of sunflower oil. Apart from this, sunflower oil has been supplied from countries like Argentina and Russia for the last few weeks. Due to this the prices have come down.

70% consumption of sunflower oil in southern states

P Chandrasekhar Reddy, Senior Vice President, Gemini Edibles & Fats, said, Southern states and Odisha account for about 70% of sunflower oil consumption in India. The supply of oil has increased and the global price is decreasing, but so far it has not reached the level before Covid.