Business / Relief to consumers edible oil players Adani Wilmar Ruchi Soya cut wholesale prices upto 7 per litre

Business | On the occasion of Diwali-Chhath, major edible oil companies have taken a big step to give relief to the consumers. These companies have reduced the prices of edible oil by Rs 4 to 7 per litre. These include Gautam Adani's Adani Wilmar and yoga guru Ramdev's Ruchi Soya Industries.

These companies also made deductions: According to industry body Solvent Extractors Association (SEA), Gemini Edibles and Fats India Private Limited (Hyderabad), Modi Naturals (Delhi), Gokul Refoils & Solvents Limited (Siddhapur), Vijay Solvex Limited (Alwar) Gokul Agro Resources Limited and NK Proteins Private Limited (Ahmedabad) are the other companies to reduce the wholesale rates of edible oils.

Appeal was made: SEA appealed to its members to give relief to consumers during festivals. After this the companies have reduced the prices. "The response from the industry is very encouraging," SEA President Atul Chaturvedi said in a statement. And other companies are also going to reduce the prices of edible oil.

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

Further reduction will come: In addition, the world edible oil supply situation is improving, which is likely to further fall in international prices. This could lead to further reduction in home prices in the upcoming wedding season. The domestic edible oil prices have increased in sync with the international market. International market – After increasing use of oilseeds for biofuels in Indonesia, Brazil and other countries, the prices of these oils have increased due to reduced availability of edible oils for catering use.

India meets more than 60 percent of its edible oil requirement through imports. Any increase in global prices has a direct impact on local prices. To check prices, the government had taken several measures in the second week of October, including a drastic reduction in import duty, which SEA said helped control prices.