Mother Dairy, which is a major milk supplier in Delhi-NCR, said on Thursday that it had reduced the maximum retail price (MRP) of edible oils sold under the Dhara brand by Rs 10 per liter and that the stocks with new prices will be available in the market from next week.
The reduction in MRP is in line with a decline in edible oil prices in the global market, the company said.
Cooking oils are usually sold by retailers at a price below the MRP printed on the bottles/bags.
Last week, the Center ordered edible oil industry bodies to advise their members to further reduce the MRP of major edible oils by Rs 8-12 per liter with immediate effect.
“The Maximum Retail Price (MRP) of all Dhara edible oil variants is reduced by Rs 10 per liter due to continued decline in edible oil prices internationally and better availability of domestic crops such as mustard,” a company spokesperson said.
The revised MRP stocks are expected to hit the market within a week, the spokesperson added.
The new rate for Dhara Refined Soybean Oil will be Rs 140 per litre, while the MRP for Dhara Refined Rice Bran Oil has been reduced to Rs 160 per litre.
The new MRP of Dhara Refined Vegetable Oil will now be Rs 200 per litre.
Dhara kachi ghani mustard oil will be available at an MRP of Rs 160 per litre, while Dhara mustard oil at Rs 158.
The MRP of Dhara Refined Sunflower Oil will now be Rs 150 per litre.
Groundnut oil from Dhara will be sold at an MRP of Rs 230 per litre, said Mother Dairy, which sells over 30 lakh liters of milk daily in Delhi-NCR. In addition to dairy products and edible oils, it also deals with the marketing of fruits and vegetables.
On June 2, Food Secretary Sanjeev Chopra held a meeting with key industry representatives including the Solvent Extraction Association of India (SEA) and the Indian Vegetable Oil Producers’ Association (IVPA) to discuss a further reduction in retail edible oil prices amid falling world prices.
“Some companies that have not lowered their prices and whose MRP is higher than other brands have also been asked to lower their prices,” the food ministry said.
Associations have been urged to raise the issue with their members immediately and ensure that the MRP of major edible oils is further reduced by Rs 8 to 12 per litre, with immediate effect, the ministry said in a statement.
The industry had informed that the world prices of various edible oils had fallen by USD 150 to 200 per ton in the last two months.
They said that the manufacturers have reduced the MRP and will reduce it further shortly.
However, the representative of the association said there is a time lag element to the thinking in retail markets and retail prices are expected to decline further soon.
A major importer of edible oils, India imported cooking oils worth Rs 1.57 lakh crore in the 2021-22 marketing year (November-October).
It buys palm oil from Malaysia and Indonesia while soybean oil is imported from Argentina and Brazil.
India imports more than 50% of its total edible oil needs.
The edible oil import bill rose by 34% to Rs 1.57 lakh crore in the 2021-22 marketing year, while in volume it rose by 6.85% to 140, 3 lakh tons.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)