Edible Oil Price Update: Oil prices have seen a decline this week. The rates of soybean, CPO, palmolein oil, groundnut oil have all come down. At the same time, due to increase in demand, there has been an improvement in the prices of mustard. Apart from this, the rest of the oil prices have been normal.
The arrival of mustard is decreasing
Traders said that due to the weakening of Malaysia Exchange last week, CPO prices closed with losses compared to last week. Sources said that the arrival of mustard in the mandis is decreasing continuously and its arrival has come down to about 2.75-3 lakh bags on Saturday in the week under review, while the demand of mustard in the country is about five lakh bags per day. There is a delay of about eight-and-a-half months in the arrival of the next mustard crop and the demand for this oil is sure to increase with the rains.
Ban on refined mustard
Atul Chaturvedi, President of the Solvent Extractors Association (SEA), has also talked about the increase in the demand for edible oils during the recent rainy days. Due to the absence of mustard and its substitute and being the cheapest of all oils, refined mustard is being made which needs to be banned. Due to the all-round demand for mustard, the prices of mustard oil and oilseeds closed with profit in the week under review.
Arrangements should be made to fix MRP system
In the case of mustard oil, after purchasing at the wholesale price of Rs 150-151 a liter, consumers should get mustard oil at the rate of Rs 155-162 a liter after adding all the expenses and benefits of the retailer, but instead mustard oil under the guise of MRP 190 -210 is being sold at a liter price. The government should first make arrangements to fix the MRP system.
Why are the latest rates gone?
Sources said that during the week under review, the price of maize oil rose marginally by Rs 10 to Rs 4,010 per quintal. Last week, the price of mustard seeds improved by Rs 75 to close at Rs 7,515-7,565 per quintal as compared to last week. Mustard Dadri oil improved by Rs 200 to close at Rs 15,300 a quintal in the weekend under review. On the other hand, the prices of Mustard Pakki Ghani and Kachchi Ghani oil also improved by Rs.25 each to Rs. 2,395-2,475 and Rs. 2,435-2,540 per tin (15 kg) respectively.
How much was the wholesale price?
Sources said that in the week under review, the wholesale prices of soybean grains and loose ended up by Rs 200 each to Rs 6,950-7,050 and Rs 6,650-6,750 per quintal, respectively, as farmers avoided selling their produce at lower prices.
These oils closed with a fall
On the other hand, soybean oil prices closed with losses due to the breakdown of oil prices abroad in the reporting week. Soyabean Delhi’s wholesale price declined by Rs 100 to Rs 16,100 and Soyabean Digum declined by Rs 210 to Rs 14,500 per quintal. At the same time, the prices of Soyabean Indore closed at Rs 15,700 per quintal.
How much was the price of groundnut oil?
Groundnut oilseeds prices improved by Rs 50 to close at Rs 6,815-6,950 per quintal in the week under review due to farmers not selling them at lower prices. Groundnut oil prices closed soft due to the fall in foreign countries. Groundnut oil, Gujarat, declined by Rs 70 to Rs 15,950 per quintal, while groundnut solvent refined, fell by Rs 15 to Rs 2,660-2,850 per tin in the reporting week against the previous week’s closing price.
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