Edible Oil Price Update: Due to the fall in oil prices last week, there has been a fall in the prices of mustard, groundnut, soybean, cottonseed, crude palm oil (CPO), palmolein in the oil market across the country. Traders said oilseeds prices fell last week due to cheaper imports.
Importers selling oil cheap
Sources said that there has been a decline in the price of CPO at this time. The importers’ oil is lying at the ports and they are compelled to sell them cheaply after the sudden fall in prices. Apart from this, the next consignment of CPO, sunflower and palmolein oil will be priced at Rs 20-30 per kg less than the current price.
Oil will become cheaper by Rs 8-10
Sources said that due to the steep fall in global oil-oilseeds prices, the government had called a meeting of the oil industry last week. In the meeting, representatives of oil associations and oil industry have assured to reduce edible oil prices by Rs 8-10 per liter in the next 10 days.
Consumers are not getting the benefit
Consumers are not getting the benefit of the fall in global oil prices, despite assurances by oil traders and representatives of oil organizations to reduce the prices of edible oil by about Rs 10 a liter. At present, the price of oil is about Rs 40-50 more per liter than the MRP. Even if 10 rupees is deducted from this 50 rupees, then the consumers do not get much benefit.
Check Mustard Oil Price
Sources said that the price of mustard seeds closed at Rs 7,215-7,265 per quintal with a loss of Rs 75 as compared to last week. Mustard Dadri oil declined by Rs 200 to Rs 14,600 per quintal in the weekend under review. At the same time, the prices of Mustard Pakki Ghani and Kachchi Ghani oil also fell by Rs 30 each to Rs 2,310-2,390 and Rs 2,340-2,455 per tin (15 kg) respectively.
Check Rate of Soybean
Soyabean grain and loose wholesale prices fell by Rs 90 each to Rs 6,360-6,435 and Rs 6,135-6,210 per quintal, respectively. The wholesale price of Soyabean Delhi declined by Rs 350 to Rs 13,250, Soyabean Indore declined by Rs 150 to Rs 13,150 and Soyabean Degum fell by Rs 300 to Rs 11,950 per quintal.
check groundnut oil price
Groundnut oilseeds fell by Rs 25 to close at Rs 6,870-6,995 per quintal. Groundnut oil Gujarat closed down by Rs 120 at Rs 16,000 per quintal in the reporting week against the previous weekend’s closing price, while groundnut Solvent Refined fell by Rs 20 to Rs 2,670-2,860 per tin.
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