New Delhi: Leading soap manufacturers have slashed prices on their products following lower palm oil prices to tackle muted growth in the sector.
Hindustan Unilever Ltd (HUL) has reduced the prices of its popular soap brands - Lux and Lifebuoy - last month. "HUL does selective and judicious price changes across its portfolio in the normal course of its business.
"Given that the commodity prices are expected to remain benign for certain time period, we have taken price reductions in range of 4 per cent to 6 per cent in Lux and Lifebuoy portfolio, while it may be higher on certain packs in order to pass on the benefits to the consumers," HUL said in a statement.
Lux and Lifebuoy are the leading selling soap brands in the industry. Wipro Consumer Care, makers of Santoor soap, has also slashed the prices. "...we have also cut prices in soaps, passing on the benefit of lower raw material prices to the consumer.
We believe this will help increase consumption," said Wipro Consumer Care president (India consumer care business) Anil Chugh. Kolkata-based multi-conglomerate ITC also cut prices due to lower raw material cost about 5-6 weeks back.
"ITC passed on the benefit of lower raw material costs to consumers through a downward revision in prices about 5-6 weeks back in certain packs of its soap variants," said an ITC spokesperson. Data analytics firm Nielsen, in a report, had last month said that in April-June quarter, sales of FMCG items, including soaps, have slowed down.