Cooking oils prices under the Fortune brand saw heavy cut on Monday as Adani Wilmar announced reduction by up to Rs 30 per litre, the second reduction in less than a month amid a fall in global rates.
The Ahmedabad-based company, which has nearly 20 per cent market share, said the fresh stock of edible oils with new MRP (Maximum Retail Price) will hit the market soon.
According to Adani Wilmar, the maximum rate cut has been affected for soyabean oil to Rs 165 per litre from Rs 195 per litre while the minimum quantum of reduction is in the case of mustard oil where the price has been reduced to Rs 190 from Rs 195 per litre.
The reduction in MRP follows a directive from the Union Food Ministry, which on July 6, had asked edible oil firms to pass on the benefits of fall in global cooking oil prices to consumers.
Leading milk supplier Mother Dairy, which sells edible oils under the Dhara brand, was the first to announce the price cut in soyabean and rice bran oils by up to Rs 14 per litre.
On Monday, Adani Wilmar -- which is a joint venture between Adani group and Singapore's Wilmar group, -- announced reducing MRP by up to Rs 30 per litre. On June 18, it had reduced prices by Rs 10 per litre.
"Consumers will get a relief from the month end as the fresh stocks with new MRP will reach market soon," Adani Wilmar MD and CEO Anghsu Mallick told PTI.
As cooking oils are sold below MRP, he said the consumers will get the refined soyabean oil at around Rs 155 per litre. Similarly, the actual selling price of other cooking oils will be slightly lower than MRPs.
Sunflower oil price has been reduced to Rs 199 per litre from Rs 210 per litre while Fortune rice bran oil price has been revised downwards to Rs 210 per litre from Rs 225 per litre.
The price of groundnut oil price has been cut to Rs 210 per litre from Rs 220 per litre, according to the company.
The price of vanaspati under Raag brand has been reduced to Rs 185 per litre from Rs 200 per litre and that of Raag palmolein oil to Rs 144 per litre from Rs 170 per litre.
The reduction in MRPs, Mallick said will certainly boost demand for the upcoming festive season.
Besides edible oils, Adani Wilmar sells food items like rice, atta, sugar, besan, ready-to-cook khichdi and soya chunks. The company posted a turnover of around Rs 54,000 crore in the last fiscal, up 46 per cent from the previous year.
(With inputs from PTI)
