Most commodity prices have run up on the back of easy liquidity in the international markets and that has been one of the reasons for edible oil prices to gain up as well.
However, the high edible oil prices have hit basic consumption, said Angshu Mallick, Deputy CEO of Adani Wilmar.
“COVID has hit outdoor catering and marriage parties and celebration where consumption of edible oil is quite significant. All-time high prices have hit consumption directly at the lower level where people buy mostly on per Rs 50-100 and not on litre,” he said in an interview with CNBC-TV18.
Mallick further added that the market is 8-10 percent down in volumes this Diwali.
“This year it has not been so good Diwali. The market has been around 8-10 percent down in volumes. Our latest volumes of Diwali, last one month i.e. October 15 to November 15 indicates that the volume is down by 10 percent,” he said.To know more, watch video