Several members of the Solvent Extractors' Association (SEA) of India have reduced the wholesale price of edible oils by ₹4-₹7 a litre.
A press statement by the President of SEA of India, Atul Chaturvedi, said in response to an appeal made by the SEA to its members for a reduction in edible oil prices during the festive season, many key players, including Adani Wilmar Ltd, Ahmedabad; Ruchi Soya Industries Ltd, Indore; Gemini Edibles & Fats India Pvt Ltd, Hyderabad; Modi Naturals Ltd, Delhi; Gokul Refoils and Solvent Ltd, Sidhpur; Vijay Solvex Ltd, Alwar; Gokul Agro Resources Ltd, Ahmedabad; and N.K. Proteins Pvt Ltd, Ahmedabad had already committed to and reduced wholesale bulk prices by ₹4,000 to ₹7,000 per tonne (₹4-₹7 a litre). He said others were also expected to reduce oil prices.
He said domestic soyabean and groundnut crops were rebounding this year. Initial reports of mustard sowing were encouraging, and expectations were high for a bountiful rabi/ rapeseed crop. Apart from this, the world edible oil supply situation was improving, which was likely to further cool international prices, he added.