NEW DELHI: To pass on the benefits of the decline in global pricing, Patanjali Foods Ltd. would shortly reduce the price of soyabean oil, sunflower oil, and palm oil by Rs 10-15 per litre, a top company official announced.
Earlier this month, the food ministry had directed edible oil companies to reduce prices of edible oil in line with the fall in global rates. Following the Central government's direction, Mother Dairy has cut prices by up to Rs 14 per litre and Adani Wilmar by up to Rs 30 per litre.
"We are going to cut prices of palm oil, sunflower oil and soyabean oil by Rs 10 to 15 per litre each in a day or two. But in the last 45 days, the total reduction will be Rs 30-35 per litre," Patanjali Foods Chief Executive Office Sanjeev Asthana said in press briefing. The effective reduction in the last 45 days, including the proposed Rs 10-15 per litre cut, would reach to Rs 30-35 per litre, he said, and pointed out that its competitors have not taken similar cuts in the last one and half months.
It is pertinent to note that In the last one year, the Central government has taken various measures to bring down edible oil prices, including several rounds of reduction in import duties.
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