On New Year's Day, the common man is going to get a big gift of relief from inflation. Several edible oil producing companies in India have announced a reduction in their prices. This will make a big difference to the monthly budget of the people.
The prices of these brands have come down:-
Adani Wilmer has reduced the prices of Fortune brand oils. Baba Ramdev's company Ruchi Soya has reduced the prices of Mahakosh, Sunrich, Ruchi Gold and Nutrela brand oils. In addition, Emami has reduced prices on the Healthy and Tasty brand, Bunj on Dalda, Gagan, Chambal brand and Gemini on Freedom Sunflower oil brand.
The same last year, the government has reduced import duties on both refined and crude edible oils several times. This has reduced the cost of importing them. The government on December 20 reduced import duty on edible oils from 17.5 per cent to 12.5 per cent. It will remain in force until March 2022. In view of the same oil consumption, the government has approved traders to import unlicensed refined oil by December 2022. A few days ago, Union Food Secretary Sudhanshu Pandey held a meeting with edible oil companies. After the meeting, Sudhanshu Pandey had said that the price of oil is very high and should come down as import duty was reduced. Thereafter, companies have reduced oil prices.
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