The price of edible oils in the Indian market is going to be decreased very soon, as the Indian government has recently scrapped the import duties on the crude edible oils. The sources from the industry have informed that some of the leading branded edible oil maker and distributor companies have already decided to cut the oil prices and the others are also thinking in the same way.
One of the leading branded edible oil maker companies in India, the Adani Wilmar has already announced that it is reducing the maximum retail price (MRP) of its products by around Rs 5 per liter. The officials of the company have stated that they did cut the price by Rs. 2 per liter, just a day before the announcement came, as they could anticipate the cut in customs duty. The Assistant V-P of Adani Wilmar, Mr. Angshu Mallick was talking on the issue and said, "Since the duty has come down to zero, we are taking another cut in price by Rs 3 per liter. The total cut in prices of our soyabean oil, vanaspati, palmolein and mustard oils will be around Rs 5 per liter. This should provide the much required relief to consumers as oil has been on the boil".
Another top official from the company has informed that the Adani Wilmar did make some staggered price reduction, in the first two weeks of March, as the international prices had started to ease. The industry experts have commented that they are expecting the total reduction in prices of edible oils to be around Rs 9 per liter, including the one after the customs duty cut. The other leading branded edible oil Maker Company, Marico has stated that the decision of lifting the ban on the exports of coconut oil from Kochi is going to have a positive impact on the market. The Chief Finance and IT of Marico, Mr. Vinod Kamath commented in this context that the companys shipment of coconut oils was stuck at the port, ever since the government imposed the ban about 15 days back.
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| Posted : 4/3/2008 |
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