In a recent media release on Thursday, Emami Agrotech, the edible oil and food-manufacturing division of the Emami Group, announced that it has consistently lowered the Maximum Retail Price (MRP) of its popular edible oil brands, Emami Healthy & Tasty and Himani Best Choice, by 35-40% over a span of 12 months since July 2022. This move comes as a result of the drop in global oil prices, and the company is delighted to pass on these benefits to its valued consumers.
The company diligently tracks the fluctuations in Maximum Retail Price (MRP) for its popular 1-litre pouch consumer packs, which includes the variants of mustard, soybean, rice bran, and sunflower under the Emami Healthy & Tasty brand, as well as the soybean and palmolein variants under the Himani Best Choice brand.
Commenting on this, Mr. Sudhakar Desai, CEO, Emami Agrotech said, “India imports about 56% of its annual edible oil consumption of 24-25 Million Tonne (MT). Over the last 12 months, there has been a significant drop in global prices. In view of this correction in commodity prices, as a responsible corporate, we have been cutting our prices consistently for all our oils like soyabean, palm oil, and sunflower. Over the last year, the drop in MRP has been in the range of 35-40% which brought the much-needed relief to the consumers.”
“In the domestic front, the Indian mustard crop output has increased by about 10% which again helped to stabilise the prices of the popular Mustard oil which was selling at a peak price-to-consumer of INR 200 per litre and is currently down to about INR 130 – 140 / litre. With the international prices of imported edible oils continuing to show a downward trend, consumption is likely to go up further in the next few months, especially during the upcoming festivals in the months of September and October.” Desai added.
Throughout 2021-22, the prices of edible oil experienced a continuous rise, influenced by various geopolitical factors such as the Indonesian ban on oil exports and supply chain disruptions due to the Ukraine war. Additionally, higher input and logistic costs contributed to this upward trend. However, starting from mid-June 2022, the international market has witnessed a decline in edible oil prices.
Responding to this situation, the Central government has consistently implemented measures to regulate the consumer prices of edible oil. One significant step taken was the reduction of import duties from over 40% to the current duty rate of 5.5%. Alongside this, the government has also implemented other measures, including stock controls, aimed at stabilizing the edible oil market and ensuring affordability for consumers.
Read More: Price relief for consumers as Indian government lowers import duty on refined edible oils
