Domestic edible oil producers to cut prices by 15%

For existing inventory, companies to offer discount on package's existing MRP

In a major relief for consumers, edible oil producers are looking to cut their product prices by up to 15 per cent effective immediately to pass on the similar fall in global markets and proportionate decline in seed prices locally.

Indian edible oil (both branded and unbranded) producers, however, plan to offer discounts on the maximum retail price (MRP) on the consumer packs produced earlier. Lose retailers, too, would pass on the price fall in the international and domestic markets to consumers. Meanwhile, a cut on the MRP would depend on the sustainability of the present price level for long.

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