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IVPA urges edible oil firms to pass crude duty cut on to shoppers as festive season nears
IVPA urged edible oil firms to cut retail prices after duty on crude palm and soybean oil fell 5.5 percentage points to 11% from 24 September. It also asked members to submit retail prices to the government every week.
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The numbers
Figures from ET Small Business,
| Retail price submission frequency: | every week |
|---|
Why it matters to operators and investors
Plan to cut shelf prices on branded edible oil packs before the festive season and set up weekly price reporting, because the 5.5-point crude palm/soy duty cut (to 11%) and the 11-point sunflower cut (to 5.5%) are now expected to reach shoppers.
What to watch next
- Branded refiners announcing MRP reductions in the weeks after September 24
- Weekly retail price data showing edible oil prices falling or staying flat
- The edible oil component of the September CPI print, following August's 4.8%
- Movement in international palm, soybean and sunflower oil prices
- Government statements or advisories aimed at firms that have not passed on the cut