Cooking oils to get cheaper by next week as brands cut MRP prices

Prices of branded palm oil, sunflower and also soybean oil have been reduced. It has been reduced by up to Rs 15 per litre as international prices have softened. Palm oil has seen a fall of Rs 7-8 per litre in prices. And sunflower oil rates have dropped above all by Rs 10-15 per litre. Soybean oil prices have fallen Rs 5 per litre, according to a media report.

“The drop in prices has prompted distributors to stock up as demand is expected to pick up. The fall in edible oils prices will also have an impact on food inflation. A major part of which comes from edible oils. The edible oil and fat category saw 13.26 per cent inflation in May. It additionally contributed by the surge in domestic prices of edible oil in the past one year,” according to the ET report quoting Sudhakar Rao Desai, president of Indian Vegetable oil Producers Association.

It said Gemini Edibles & Fats, a Hyderabad-based company, has cut the maximum retail prices (MRP) of its Freedom Sunflower Oil by Rs 15 to Rs 220 for a one-litre pouch in the past week. The company will reduce it by Rs 20 more this week to Rs 200 per litre.