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Thursday, December 1, 2022

Adani Wilmar Lowers Fortune Oil Price For Second Time, By ₹20

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  • High edible oil prices affect all consumers and low-income households suffer.
  • Much of consumer income is on essential items, especially edible oils, whose prices have risen 50-70% more than pre-COVID levels.
  • A questionnaire Conducted earlier this year by community social media platform LocalsCircle found that 24% of Indian households had reduced their oil consumption as it hit historic highs and 67% of consumers paid more for it by cutting spending and savings.
  • There is finally some good news for consumers as Adani Wilmar’s Fortune Oil and Raag have cut edible oil prices for the second time in a month.

Your thalinomics could finally change for the better as edible oil prices begin to fall from historic highs this month. FMCG giant Adani Wilmar, the maker of Fortune oil, has announced a cut in the sticker price for the second time.

After edible oil prices were slashed by ₹10 in June, Fortune Oil’s soybean oil, sunflower oil, mustard oil and rice bran oil will be cheaper by up to ₹5-20 per liter.

This comes after the government had cut import duties with 5.5% and asked manufacturers to pass this on to consumers.

“We have passed on the benefits of global price reductions to our consumers and the stocks with new prices will be on the market soon. Our products will be available to our consumers at a lower cost. This move is sure to boost demand for the upcoming holidays,” said Angshu Mallick, MD and CEO, Adani Wilmar.

India is highly dependent on oilseed growers outside the country as it is the second largest in the world customer and number one importer of vegetable oil. It supplies 55-60% of its needs through imports.

The prices of edible oil that depend on imports are trending upwards this year and ordinary people are feeling the heat of it. A reduction in import duties will therefore bring peace to both oil producers and consumers.

With the holidays just around the corner, Adani Wilmar is now optimistic that price cuts will boost consumer confidence.

Edible oils Previous price (in ) Revised MRP (in )
Fortune soybean oil 195 165
Fortune Sunflower Oil 210 199
Fortune Mustard Oil 195 190
Fortune rice bran oil 225 210
Fortune peanut oil 220 210
Raag Vanaspati 200 185
Raag Palmolein Oil 170 144

According to recently released data from the Ministry of Statistics and Program Implementation, edible oil prices are more than 9% higher than they were last year. After vegetables and herbs, oils and fats have seen the largest increase in inflation over the same period.

With two consecutive price cuts for edible oil stickers, prices in the food basket could still cool, even if retail inflation remained stable in June, just like the month before.

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