Patanjali Foods Oil Prices: Patanjali Foods Limited will soon cut the price of soybean oil, sunflower oil and palm oil by Rs 10-15 per liter to pass on the benefit of the fall in the prices of edible oil globally. A top official of the company has given this information.
Food Ministry had given instructions to edible oil companies
Earlier this month, the Food Ministry had directed edible oil companies to reduce the prices of edible oils in line with the fall in global prices. Mother Dairy has reduced the prices by Rs 14 per liter and Adani Wilmar by up to Rs 30 per liter following the Centre’s directive. India meets 60 per cent of its domestic edible oil requirement through imports. The country imported around 13 million tonnes of edible oil during the marketing year 2020-21 ending October.
Patanjali Foods CEO gave information
Patanjali Foods Chief Executive Officer (CEO) Sanjeev Asthana said, “We are going to reduce the prices of palm oil, sunflower oil and soybean oil by Rs 10-15 per liter in a day or two. In terms of last 45 days. If seen from this, the total deduction will be Rs 30-35 per liter. Asthana said that globally the prices have come down by 15-20 per cent. He said that the rival companies of Patanjali Foods have not cut this ratio in the last one and a half months.
Know Patanjali Foods
Patanjali Foods (formerly Ruchi Soya Industries Limited) sells its products under brands like Ruchi Gold, Mahakosh, Sunrich, Nutrella, Ruchi Star and Ruchi Sunlight. It is also into the palm oil plantation and renewable wind energy business. In the year 2019, Baba Ramdev-led Patanjali Ayurved had acquired Ruchi Soya through insolvency process for Rs 4,350 crore.
What Marico Ltd said
Meanwhile, a Marico Limited spokesperson said that the company has revised the prices recently but did not give further details. A spokesperson for the company that owns the Saffola brand said, “Marico Ltd. has always been committed to ensuring the best prices and quality for our consumers across India. The prices of the products in the portfolio have been reduced.