Edible Oil Price Update: There is a fall in oil prices across the country. There is a fall in the prices of edible oil amid weak demand and bearish trend abroad. Let us tell you that mustard, soybean, groundnut oil-oilseeds and cottonseed, CPO, palmolein oil prices have declined in the last week. At the same time, there has been no change in the prices of other oilseeds.
fall in oil prices
After the ban in Indonesia, the reopening of exports and the issuance of permits, the prices of edible oil in foreign markets have fallen by about 20 percent. Apart from this, there has also been a decrease in local demand, due to which the prices of all oilseeds have declined.
heavy loss to importers
Sources said that now the importers are giving priority to the import of crude palm oil as compared to palmolein oil. The prices of palmolein oil sit invariably, that is, its market price is far below the purchase price. He said that there is a huge loss to the importers. The importers have to pay the interest of the bank loan at the dollar price at which they had bought and sold six months ago today, according to the current dollar value, which makes their cost more, but the banks have to continue the credit line. For this they have to pay interest on the current dollar value.
These importers have imported Soyabean degum and CPO worth lakhs of tonnes in huge quantity at the ports and they have to withdraw their goods at cheap prices to pay interest.
Groundnut oil price also declined
He said that due to the fall in CPO and Palmolein, the prices of soybean oil have also been affected. Arrivals are less in mustard markets, but due to weak demand, mustard oil-oilseeds prices fell in the weekend under review. Groundnut oil-oilseeds prices also closed with a fall due to fall in the prices of foreign oils and weak demand.
edible oil store
Sources said that the government imposes limits on the stock of edible oils and raids are conducted later, but these measures do not yield any lasting results. The real root of the problem is the maximum retail price (MRP). There should be an initiative to fix this.
Let’s check the rates-
Sources said that the price of mustard seeds declined by Rs 75 to Rs 7,440-7,490 per quintal last week as compared to last weekend. Mustard Dadri oil declined by Rs 200 to close at Rs 15,100 a quintal in the weekend under review. On the other hand, mustard, pakki ghani and kachi ghani oil prices also declined by Rs 30 each to Rs 2,365-2,445 and Rs 2,405-2,510 per tin (15 kg) respectively.
Check Rates of Soyabean
Sources said that in the week under review, wholesale prices of soybean grain and loose fell by Rs 200 each to Rs 6,750-6,850 and Rs 6,450-6,550 per quintal, respectively, due to weak overseas prices and weak demand.
In the reporting week, soybean oil prices also closed with losses due to the breakdown of oil prices abroad. Soyabean Delhi’s wholesale price declined by Rs 1,050 to Rs 15,150, Soyabean Indore fell by Rs 950 to Rs 15,700 and Soyabean Digum declined by Rs 1,200 to Rs 13,300 per quintal.
Rates in Refined Price
Due to the fall in foreign oils, the price of groundnut oilseeds also closed at Rs 6,715-6,850 per quintal in the reporting week with a fall of Rs 100. Groundnut oil Gujarat closed down by Rs 300 at Rs 15,650 per quintal, while groundnut Solvent Refined fell by Rs 45 to Rs 2,615-2,805 per tin in the reporting week as against the previous weekend’s closing price.
check foreign oil prices
In the week under review, the price of crude palm oil (CPO) also fell by Rs 950 to Rs 13,000 a quintal, after the decline in oil prices in foreign markets by about 20 percent, the price of Palmolein Delhi fell by Rs 900 to Rs 14,750 and Palmolein Kandla by Rs 880. Closed at Rs 13,500 per quintal. In the week under review, the price of cottonseed oil closed at Rs 14,600 per quintal, showing a weakness of Rs 600.