KS Oils happy with Govt move on import duties

KS Oils Ltd has announced that the Company on March 21, 2008 welcomed the Government's move in reducing import duties of crude and refined edible oils. The Company feels that this move will help provide relief and parity to Indian players from the impact of increase in the global vegetable oil prices in the last 12 months.

Congratulating the Central government on this visionary move, Ramesh Chand Garg, Chairman, K S Oils said, "The government's move of cutting duty is in the right direction. K S Oils had already requested the government to decrease duty of imported edible oils as the price increase was more than 50% in the last 12 months. Higher prices affect consumption of all edible oils and add to inflationary pressures. The consumption which was growing at 6% per annum was being affected."

"This move will greatly benefit the Indian edible oil industry and also result in increased buying by retail consumers. As a leader in the edible oil industry, we have decided to pass on the price benefit to the consumers with immediate effect; this will see increased off take of retail packs thus giving us higher volumes and better margins."

K S Oils will pass on the benefit of about Rs 2/- per kg for mustard oil to the consumers with immediate effect; the Company's procurement cost for mustard seeds will come down similarly and the Company will see increased demand and consumption.