Tired of the increasing prices of commodities and products? Well, there might be some respite as the government has lessened the base prices of crude palm oil and soy oil. This cut down has positively slashed the prices of cooking oil and is going to decrease the prices of other essentials like instant noodles, soaps, biscuits, shampoo, lipsticks and detergents as well.
Lower Prices Of Oil, Noodles To Boost Demand
India’s topmost FMCG company, Adani Wilmar reduced the price of cooking oil with the notion that it will further increase people’s demands. Two Hyderabad-based companies – Gemini Edibles and Fats and Mother Dairy had initially lowered the prices of cooking oil too after the government slashed the prices. Earlier, the FMCG players were reducing the pack sizes, but increasing the prices.
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Decrease In Base Prices Means Less Costing Of Other Essentials Too
Apart from the decrease in oil, the cut down in base prices of soy oil and palm oil will affect the prices of other commodities too. These oils are an important ingredient in soaps, biscuits, noodles and even shampoo, lipsticks and detergents. The prices of gold and silver had come down too.
Indonesia Banned Palm Oil Exports To India, Now Lifted
India is the largest importer of palm oil in the world. And it mostly depends on Indonesia and Malaysia. India imports around 63% of palm oil from the total oil imports. In May, Indonesia – the top producer of palm oil banned imports to India. The palm oil imports dropped after the ban. India imports 4 million tonnes of palm oil from Indonesia each year.
The cooling off the oil prices will bring down the grocery expenditure costs in Indian households significantly.
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