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Hyderabad: 12th June 2022: Freedom Refined Sunflower Oil has decreased the MRP by Rs. 15 to Rs. 220/- per pouch of 1 Litre during last week and further reducing this week by Rs 20 making it to Rs 200. During the last year prices of sunflower were witnessed a steep increase due to supply disruptions caused by covid and the Ukraine and Russia war. Incidentally, Ukraine was the major exporter of sunflower oil to India. In the last few weeks, the sunflower oil supplies started connecting partially from other countries like Argentina and Russia, which resulted in some price drops.
The Central Government’s intervention with a series of duty cuts on crude sunflower oil has helped in reducing the prices of Sunflower Oil. The market also reacted by dropping the prices to the upcoming duty cut of 5.5% making it a zero duty under tariff quota for quantity 20 lac tons effective from 18th June 2022.
Rs 220 MRP stocks are in the market and Rs 200 MRP stocks will be available in the coming couple of weeks in the market.
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 the Southern states of India and Odisha. Our prices are determined by the global price trends, foreign currency fluctuation, import duties, transport, and manufacturing costs. Earlier this year, due to the global factors the MRP of Sunflower oil was increased to Rs. 235 per litre. The supply of sunflower oil and global prices are easing but not yet near the pre-covid levels. In response to the same, we have reduced the MRP by Rs. 15 and will be further dropping MRP by Rs 20 to Rs 200. The stocks with the new MRP will be available to the end-users across the geographies. We also would like to state that edible oil brands are usually sold less than the MRP, however, in the interest of consumers the company decided to reduce the MRP”.
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