Team Blitz India
NEW DELHI: The Government has asked cooking oil companies to reduce prices of their products in line with the fall in international rates, according to an association of solvent extractors, but manufacturers said an immediate reduction may not be possible.
“The ministry of consumer affair has expressed that the MRP on oils like soyabean, sunflower and palm oil have not been reduced to the extent of decrease in international prices,” said Ajay Jhunjhunwala, President of Solvent Extractors’ Association of India, in a letter addressed to association members.
However, industry executives said there is little scope for an immediate reduction in prices. “Cooking oil prices have been very stable. There was no steep increase or decrease in prices. Our MRP is corrected every month in line with the prevailing price trends. We do not foresee immediate correction in prices,” said Angshu Mallick, CEO of Adani Wilmar, which sells cooking oil under the ‘Fortune’ brand. “However, we will keep on watching the international commodity prices and will take action based on that.”
