Adani Wilmar Slashes Fortune Oil’s Price by Rs. 20

Adani Wilmar, the manufacturer of Fortune oil, has announced a price reduction for the second time. Fortune Oil's Soyabean Oil, Sunflower Oil, Mustard Oil, and Rice Bran Oil will be cheaper by up to 5-20 per litre after lowering its edible oil prices by 10% in June. This comes after the government reduced import duties by 5.5 percent and asked manufacturers to pass the savings on to customers.

“We have passed on the benefits of global price reduction to our consumers and the stocks with new prices will reach the market soon. Our products will be available at reduced costs to our consumers. This step will certainly boost demand for the upcoming festive season,” said Angshu Mallick, MD and CEO, Adani Wilmar.

As the world's second-largest consumer and importer of vegetable oil, India is heavily reliant on oilseed growers outside the country. Imports supply 55-60% of the country's needs. This year, import-dependent edible oil prices have been on the rise, and ordinary people have been feeling the heat. Import duty reductions will thus provide relief to both oil producers and consumers. With the holiday season approaching, Adani Wilmar is optimistic that price cuts will boost consumer sentiment.