Olive oil, which was being sold at over Rs 1,000 a litre a few months back, will soon be available at below Rs 500 level thanks to increased competition among Spanish and Italian firms, which are vying for a larger share of the Indian market.
“We will launch a promotional offer pricing olive oil at below Rs 500 a litre in Indian market,” Narco Exports Vice President Sandeep Gogia told reporters here.
Narco Exports, who has tied up with leading Spanish firm Moreno SA, plans to launch the promotional offer pack of Musa brand in leading retail chains by the end of this month.
An Italian brand ‘Filipo Berio’ was launched in India in September.
“The Musa brand olive oil will be offered at discounted price for a particular period, at least for three months,” Gogia said, adding “we (including Moreno) have cut our margins tremendously.”
However, he did not rule out the offer being extended for more period if volume of sale increases and the Spanish firm decides not to raise the rate.
The cost also depends on production which may vary from year to year, he added.
The extra virgin variety olive oil which will be offered to domestic consumers at below Rs 500 a litre is available in Spain at Euro 4-4.20 (Rs 231-243) per litre.
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