Edible oil companies hold prices flat as rupee firms up against US dollar

KOLKATA: Edible oil companies such as Adani Wilmar and Ruchi Soya have refrained from increasing prices of palm and soya oils because the rupee has firmed up against the US dollar, providing some cushion against costlier imports.

Palm oil price has gone up 12.44% while soya oil turned 2.5% costlier in the international market in the past 45 days. The oil that is now available in the market was booked in Dec-Jan when oil price was low, said Angshu Mallick, chief operating officer of Adani Wilmar. Analysts said that the end stocks for February for palm oil in Malaysia and Indonesia are forecast to drop 9%.