Hyderabad: 24th December, 2021: Edible Oil prices have declined in the last few months mainly on the back of lower import duties despite strong price trend in global markets.
Last year Sunflower Oil has witnessed a steep increase in prices, driven by the higher prices of imported crude sunflower oil, surging manufacturing and transportation costs, and less production. The Central Government intervention with a series of duty cuts on crude sunflower oil has helped to reduce the prices for Sunflower Oil.
Speaking on this issue Mr. P Chandra Shekhara Reddy, Sr. Vice President Sales & Marketing, Freedom Healthy Cooking Oils said, “Most of the Sunflower oil – approx. 70% of India’s consumption is from southern states of India and Odisha. The crude sunflower oil is imported mainly from Ukraine and Russia and refined at our state-of-art refineries at Kakinada & Krishnapatnam, with an automated refining and packaging process, ensuring world class quality and hygiene. Our selling prices are determined by the global price trends, foreign currency, import duties, transport and manufacturing costs. Earlier this year, due to the global factors the price of Sunflower oil to consumer increased rapidly up to Rs. 180 per ltr. Kudos to the intervention by the Government of India that initiated a series of cuts in duty on sunflower oil, that helped us reduce the price to customer for Freedom Refined Sunflower Oil. As on today, for consumers our brand Freedom Refined Sunflower Oil should be available at Rs. 140/- or below per litre even though MRP is higher. Most of the consumers are already aware that cooking oil brands are usually sold by retailers below the MRP. The government efforts has effected in a net reduction of over 20% from the earlier peak prices. The reduction in prices plus Sankranti festival ahead should boost the demand further”.
