Adani Wilmar, one of the the largest edible oil player, has slashed the prices of its edible oils by INR 10 following the government’s move to reduce import duties on the commodity.
Adani Wilmar has reduced the maximum retail price (MRP) of Fortune refined Sunflower oil’s 1-litre pack to INR 210 from INR 220, the company said in a statement.
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The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced to INR 195 from INR 205.
The stocks with new prices will reach the market soon, it added.
This reduction in oil prices comes in the wake of the central government reducing the import duties on edible oils, making them cheaper, the company said.
“We are passing on the benefit of the reduced cost to our customers, who can now expect purest edible oils made with highest safety and quality standards, which are also light on their pockets. We are confident the lower prices will also boost demand,” Adani Wilmar MD and CEO Angshu Mallick said.
It may be noted that international and domestic prices of edible oils surged during 2021-22 due to lower production of oilseeds and higher manufacturing and logistics cost. However, reduction in import duty on crude and refined edible oils has contributed to the cooling of the prices.
Adani Wilmar is one of the fastest-growing FMCG companies in the country. Besides a range of edible oils, its offerings include rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks, and others.
Recently, Adani Wilmar Limited (AWL) had announced the acquisition of several brands including the Kohinoor Brand – domestic (India region) from McCormick Switzerland GMBH for an undisclosed amount. Adani is looking to cement its presence in the staples segment which contributes around 11 percent to its topline.
The acquisition will fuel the next level of growth for AWL and widen the portfolio to cater to premium customer segments across rice and other value-added food businesses.