BV Mehta, executive director, Solvent Extractors’ Association of India (SEAI), said a few member-manufacturers have agreed to cut prices.
Published: 04th November 2021 07:03 AM | Last Updated: 04th November 2021 07:03 AM | A+A A-
For representational purposes. (File Photo)
BENGALURU: It’s a season of good tidings: Apart from the cut in fuel prices, cooking oil rates are expected to drop, with manufacturers in Karnataka agreeing to cut rates. Rising oil prices were putting a strain on individuals and businesses, especially during the festival season.
BV Mehta, executive director, Solvent Extractors’ Association of India (SEAI), said a few member-manufacturers have agreed to cut prices. The association has numerous members in Karnataka, like ITC, MK Agrotech and Namratha Oil Refineries.
SEAI had put out an appeal to all its members to lower edible oil prices. A vast majority of members, who constitute major players in the oil industry, responded positively. The association requested member-manufacturers to lower prices by Rs 3 to Rs 5 per litre; but the latter responded by cutting prices by Rs 4 to Rs 7 per litre all over India. The effort was meant to help consumers during Diwali amid rise in prices across the board.
Earlier in October, the government had cut multiple tariffs on various cooking oils being imported. As of now, India imports around 65 per cent of edible oil. Prices had risen due to a number of factors like labour shortage and oil being used for different purposes.
An adviser from Kanti Sweets said, “We use groundnut oil for all our savoury products. Prices shot up around Raksha Bandhan and stayed stagnant since then. Prices were at an all-time high through Dasara as well.”
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