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Adani Wilmar’s CEO Angshu Mallick, on September 15, said that edible oil prices have come off sharply in the last year. He was talking to CNBC-TV18 about trends in edible oil consumption and festive season demand.

He said, “With low prices, the consumption is bound to improve because at lower level consumption at the economically lower sections, they tend to consume on rupee basis and not on a quantity basis. So now they will get a higher quantity and hence the consumption is bound to increase at the lower strata of the population.”

“At the upper end, consumers will upgrade on the brands. We expect middle-income families to get back into their old brands, which were their preferred choices. And consumption here also is likely to increase, but at the lower end it will increase more,” said Mallick.

Also Read: Govt tells edible oil makers to correct labels, mention weight and volume

Talking about festive demand, he said, “September-end and October will be a big month where both Dussehra and Diwali will be celebrating. Next up to Christmas, we see a great boom in edible oil consumption. At these (low) prices, consumers are very comfortable and it will bring an all-round reduction in prices of all other food products because edible oil is a major part in the cost part of it.”

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