Major edible oil companies cut wholesale prices by ₹4-7 per liter

Other players who have reduced wholesale rates of edible oils are Gemini Edibles & Fats India Pvt Ltd (Hyderabad), Modi Naturals (Delhi), Gokul Refoil & Solvent Ltd (Siddhapur), Vijay Solvex Ltd (Alwar), Gokul Agro Resources Ltd and NK Huh. Proteins Pvt Ltd (Ahmedabad), it said.

These companies have reduced the wholesale prices after SEA appealed to its members to do so to give relief to the consumers from the high prices during the festive season.

“The response from the industry is very encouraging,” SEA President Atul Chaturvedi said in a statement. They have already reduced the bulk wholesale prices and reduced ₹4,000-7,000 per ton ( ₹4-7 per litre) and others are also following to reduce the prices of edible oil, the SEA said.

Chaturvedi said the domestic soybean and groundnut harvest is picking up this year, while the initial reports of mustard sowing are very encouraging and a bountiful rapeseed crop is expected.

In addition, the world edible oil supply situation is improving, which is likely to lead to a further decline in international prices to bring down domestic prices during the upcoming wedding season.

Domestic edible oil prices have increased in sync with the international market, where rates have increased due to reduced availability of edible oils for edible use following diversion to biofuels in Indonesia, Brazil and other countries.

India meets more than 60% of its edible oil demand through imports. Any increase in global prices has a direct impact on local prices.

To check prices, the government took several measures including a sharp reduction in import duty in the second week of October, which SEA said has helped control runaway prices and is now reflected in domestic wholesale rates. .