Saturday, August 13, 2022

Edible Oil Price Down On 2 July 2022 Mustard Oil Price Update

Edible Oil Price: The effect of the fall in oil prices in the global market is also being seen in the domestic market. There has been a fall in the prices of mustard, soybean oil in Delhi on Saturday. Apart from this, crude palm oil and palmolein have also slipped. Apart from this, the prices of groundnut and cottonseed have remained stable due to the demand for indigenous oils.

How was the move of the global market?
Traders said the Malaysia Exchange was bearish yesterday, while the Chicago Exchange will remain closed on Monday after a bearish Friday night. In the midst of the historical slowdown abroad, the prices of edible oils have broken significantly in the foreign markets in the past. Oil prices have come down by about Rs 50-60 per kg. The country’s importers are finding it impossible to escape in the grip of this decline.

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import duty reduced
Apart from this, the import duty has been reduced in different installments by the government. Till two and a half years ago, there was an import duty of 38.25 per cent on soybean and sunflower imports and 41.25 per cent on CPO, which after reduction in separate installments, at present, four million tonnes of edible oil of soybean and sunflower at zero duty for two years. have been allowed to import. The import duty of CPO has come down to 5.50 per cent.

Edible oil prices fall
It is incomprehensible to understand the rationale for allowing duty-free imports for two years after the import duty has been reduced several times, with the prices of edible oils falling by about Rs 50-60 per kg in foreign countries. Looking at its other side, neither the consumers, nor the oil industry, nor the farmers are getting the benefit of this decline.

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Mustard coming down
The arrival of mustard in the market is decreasing and it may face severe shortage during festivals. There is a demand for indigenous oils in comparison to foreign oils and due to this, the prices of groundnut oil, oilseeds and cottonseed oil remained at the previous level.

Check how much is the latest rate of oil today-

  • Mustard oilseeds – Rs 7,485-7,535 (42 per cent condition rate) per quintal
  • Groundnut – Rs 6,765 – Rs 6,890 per quintal
  • Groundnut Oil Mill Delivery (Gujarat) – Rs 15,710 per quintal
  • Groundnut Solvent Refined Oil Rs 2,635 – Rs 2,825 per tin
  • Mustard oil Dadri – Rs 15,150 per quintal
  • Sarson Pakki Ghani – Rs 2,380-2,460 per tin
  • Mustard Kachhi Ghani – Rs 2,420-2,525 per tin
  • Sesame Oil Mill Delivery – Rs 17,000-18,500 per quintal
  • Soyabean Oil Mill Delivery Delhi – Rs 14,100 per quintal
  • Soybean Mill Delivery Indore – Rs 13,800 per quintal
  • Soyabean Oil Degum, Kandla – Rs 12,400 per quintal
  • CPO Ex-Kandla – Rs 11,300 per quintal
  • Cottonseed Mill Delivery (Haryana) – Rs 14,150 per quintal
  • Palmolein RBD, Delhi – Rs 13,200 per quintal
  • Palmolein Ex-Kandla – Rs 12,100 (without GST) per quintal
  • Soyabean grain – Rs 6,500-6,550 per quintal
  • Soyabean loose Rs 6,300- Rs 6,350 per quintal
  • Maize Khal (Sariska) Rs 4,010 per quintal

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