Palm, sunflower, and soyabean oil prices will soon be reduced by Rs10-15/litre by Patanjali Foods

20 Jul 2022 , 09:20 AM

To pass on the benefits of the decline in worldwide commodity pricing, Patanjali Foods Ltd. would shortly reduce the price of soyabean oil, sunflower oil, and palm oil by Rs10-15 per litre, a top company official announced. The food ministry had earlier this month instructed edible oil companies to lower their pricing to reflect the decline in international rates.

As instructed by the Centre, Mother Dairy and Adani Wilmar have lowered their rates by up to Rs14 per litre and Rs30 per litre, respectively.
In a day or two, we will drop the price of palm oil, sunflower oil, and soyabean oil by Rs10-15 per litre each.

“In a day or two, we’ll drop the cost of palm oil, sunflower oil, and soy oil by Rs10-15 per litre each. However, the overall decrease over the past 45 days will be Rs 30-35 per litre “Sanjeev Asthana, CEO of Patanjali Foods, told PTI.

He claimed that the effective decrease over the previous 45 days, which would include the proposed drop of Rs10-15 per litre, would amount to Rs30-35 per litre and noted that none of its rivals had implemented such price reductions over the previous 1.5 months.

Asthana noted that although prices have decreased by 15% to 20% globally, the market is still quite unstable.

Formerly known as Ruchi Soya Industries Ltd., Patanjali Foods now markets its goods under the names Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star, and Ruchi Sunlight.

It also engages in the production of renewable wind energy and oil palm plantations. Ruchi Soya, now Patanjali Foods, was purchased by Baba Ramdev’s Patanjali Ayurved in 2019 for Rs4,350 crore via an insolvency procedure.

A spokesman for Marico Ltd stated that prices have recently been reduced but provided no further information.

“Marico Ltd., one of India’s top manufacturers of consumer goods, has always been dedicated to providing the finest value and quality to our customers all throughout the country. We recently reduced the pricing in our collection of edible oils so that consumers might benefit as well “a representative for the business that manages the Saffola brand stated.

The spokesperson added, “We are aware of the latest government decision and will continue to abide by its rules in order to best serve our consumers by continuing to pass on the advantages in the form of decreased costs in the upcoming months.

India imports goods to satisfy 60% of its domestic demand. Over the course of the marketing year 2020—21, which ended in October, the nation imported almost 13 million tonnes of cooking oils.

The Center has implemented a number of strategies to lower the price of edible oil over the past year, including numerous rounds of reduced import taxes.