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Edible oil prices to remain steady for festive season despite crop concerns; El Nino could lead to price hikes from December to April-May

Edible oil prices: Festive surprise or looming shock? Find out now!

Edible oil prices to remain steady for festive season despite crop concerns; El Nino could lead to price hikes from December to April-May

Edible oil prices are expected to remain stable during the upcoming festive season, according to executives from leading fast-moving consumer goods (FMCG) companies. Despite concerns about moisture stress affecting the soya bean crop in India, prices are unlikely to rise significantly due to ample international supply. However, consumers should be prepared for a possible price hike in edible oils from December through April-May next year, as the effects of El Nino in oil-producing nations start to impact the market.
One area of concern for FMCG companies is rice production, particularly in eastern states that produce non-basmati rice. These regions have experienced inadequate rainfall, which may harm the standing paddy crops in the fields. BV Mehta, executive director of the Solvent Extractors Association, emphasized the critical role of monsoon rains for soya bean and groundnut crops, expressing concerns about the potential yield impact if there is not adequate rainfall in the next 10 days.
The India Meteorological Department reported that 287 out of 717 districts in the country experienced deficient rainfall between June 1 and August 4, adding to worries about crop outcomes.
Despite these challenges, the executives are optimistic about the near-term outlook for edible oil prices in India. "India is sitting on a good volume of imported oil, and prices are unlikely to go up soon," stated Angshu Mallick, managing director of Adani Wilmar. However, he also noted that the scanty monsoon could have repercussions on the soya bean crop, which might ultimately affect consumption. Also Watch: <a href="https://www.editorji.com/business-news/wheat-prices-jump-following-collapse-of-major-dam-in-southern-ukraine-1686130430494">Wheat prices jump following collapse of major dam in southern Ukraine</a>

To control and ease the prices of edible oils in the domestic market, the central government in the last two years has reduced import duty on crude as well as refined edible oils several times

Edible oil prices fall up to 29% since last year

To control and ease the prices of edible oils in the domestic market, the central government in the last two years has reduced import duty on crude as well as refined edible oils several times

Bringing some relief to Indian kitchens, the retail prices of refined sunflower oil, refined soyabean oil and refined palmolien have fallen by 29 per cent, 19 per cent and 25 per cent, respectively, in the last one year.&nbsp;
In a written reply to the Lok Sabha, Minister of State for Food and Consumer Affairs Sadhvi Niranjan Jyoti said the central government is "closely monitoring the domestic retail prices of edible oils to ensure that the full benefits of a decrease in international prices are passed on to the end consumers".
Also read/watch| <a href="https://www.editorji.com/business-news/tomato-puree-sales-zoom-amid-sky-high-tomato-prices-1690376462369">Tomato puree sales zoom amid sky-high tomato prices</a>
She informed that regular meetings are being held with leading edible oil associations and industry, and they are being advised to decrease the retail prices in line with falling international prices.
"As on July 20, 2023, the international prices of major edible oils such as crude soyabean oil, crude sunflower oil, crude palm oil and refined palm oils have decreased drastically since last year.
"Due to continuous efforts made by Government, the retail prices of refined sunflower oil, refined soyabean Oil and RBD palmolien have decreased by 29.04 per cent, 18.98 per cent and 25.43 per cent, respectively, over a year," the minister said.
To control and ease the prices of edible oils in the domestic market, the central government in the last two years has reduced import duty on crude as well as refined edible oils several times.&nbsp;

The reduction comes following the food ministry's direction to edible oil industry body SEA regarding the need for downward revision of the MRP of cooking oils

Edible oil price cut | Mother Dairy cuts cooking oil prices by ₹15-20 per ltr

The reduction comes following the food ministry's direction to edible oil industry body SEA regarding the need for downward revision of the MRP of cooking oils

Mother Dairy has cut maximum retail prices (MRP) of its edible oils, sold under Dhara brand, by Rs 15-20 per litre with immediate effect in line with the reduction in global prices.
The stock with revised MRP is expected to hit the market next week.
The reduction comes following the food ministry's direction to edible oil industry body SEA regarding the need for downward revision of the MRP of cooking oils.
"The MRP of Dhara edible oils are being reduced by Rs 15-20 per litre across variants with immediate effect. This reduction is largely being done in variants such as soyabean oil, ricebran oil, sunflower oil and groundnut oil, on account of reduced impact of international markets and ease in availability of domestic crop," Mother Dairy spokesperson said.
The MRP of Dhara refined soyabean oil (1 litre poly pack) has been reduced to Rs 150 from Rs 170, while the MRP of Dhara refined rice bran oil will now be Rs 170 per litre as against Rs 190 per litre earlier.
The company has revised the MRP of Dhara refined sunflower oil to Rs 160 from Rs 175 per litre.
The MRP of Dhara groundnut oil has been cut to Rs 240 from Rs 255 per litre.
Edible oil industry body Solvent Extractors' Association of India (SEA) had advised its members to reduce MRP in line with the falling prices of edible oils.
It has sought the details of reduction in MRP during the last three months so that the same could be informed to the food ministry.
Mother Dairy manufactures, markets and sells milk and milk products, including cultured products, ice cream, paneer and ghee under the 'Mother Dairy' brand.
The company sells edible oils under the 'Dhara' brand and fresh fruits &amp; vegetables, frozen vegetables &amp; snacks, unpolished pulses, pulps &amp; concentrates, etc., under the 'Safal' brand.
In Delhi-NCR, it has hundreds of milk booths as well as Safal retail outlets.
"The Department of Food and Public Distribution regularly review the price of edible oil in country. International prices has been sharply reduced in the last 6 months and particularly in last 60 days, however local prices, in spite of bumper crops of groundnut, soyabean and mustard, not declined in line with the International market," SEA had said.
"While most of the brands have reduced prices in the past but still the prevailing MRP of the packed edible oil in the market is not in line with the current prices as in international market, i.e. the prices of edible oil (MRP) in domestic market seems to be on higher side considering the prevailing market scenario," the association said.
The department had advised SEA to inform members to reduce MRP on edible oils and pass on the benefits to consumer.

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