Downward trend in edible oil-oilseed prices
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Baja sources said that the import of sunflower and soyabean oil and their cheap prices can adversely affect the sowing of sunflower. Generally, the price of sunflower oil has remained higher than that of soyabean.
The Delhi oil-oilseeds market witnessed a downward trend in trading on Saturday and almost all oil-oilseeds closed with losses. The domestic market softened after the Chicago Exchange fell by 2.5 per cent on Friday night. Baja sources said that the import of sunflower and soyabean oil and their cheap prices can adversely affect the sowing of sunflower. Generally, the price of sunflower oil has remained higher than that of soyabean.
But at present, the situation is that the price of sunflower oil is going down by Rs.4 per liter even compared to soyabean oil. The price of sunflower seed is even 20-25 percent below the minimum support price (MSP). He said that this is bound to discourage the oilseeds producing farmers of the country. When the government can reduce the import duty when edible oils are expensive, in such a situation, when the prices at the ports of edible oils have broken down by more than half, then the government should also think about increasing the import duty.
The import price of sunflower was $1,400 a tonne and that of soyabean oil was $1,350 a tonne before prices of soybean and sunflower oil started rising, sources said. At that time, both these oils had an import duty of 38.5 per cent and there was no problem in supply. After that prices started rising, with sunflower oil rising to $2,450-2,500 per tonne and soyabean oil import prices rising as high as $2,150-2,200 per tonne.
After this, the government started reducing the import duty on these oils in different phases and finally allowed duty-free import of both these edible oils under the quota system. Sources said that earlier the price of sunflower in the retail market was Rs 225-235 a liter and that of soyabean oil was Rs 185-195 a litre. Now the price of sunflower oil is Rs 170-180 a liter while the price of soyabean oil is Rs 160-170 a litre.
According to the maximum retail price (MRP), sunflower oil should be sold at Rs 125-130 per litre, but this oil is being sold at around Rs 170-180 per liter in the retail market. Similarly, according to the MRP, soyabean oil should be sold at Rs 125-135 a litre, but it is being sold at Rs 160-170 a litre. He said that means the quantity in which the wholesale import price has come down, the consumers are not able to get the benefit in that quantity.
This is all due to the Maximum Retail Price (MRP) being fixed very high by the retail companies and small units. Sources said that by imposing import duty on edible oils to the maximum extent, indigenous oilseeds will be consumed in the market and we will get adequate quantity of oil cake and de-oiled cake (DOC) for animal feed and poultry, whose availability will increase for milk and eggs. Prices will be less.
The prices of oil-oilseeds on Saturday were as follows: Mustard oilseeds – Rs.5,980-6,030 (42 percent condition rate) per quintal. Groundnut – Rs.6,425-6,485 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 15,400 per quintal. Groundnut refined oil Rs 2,415-2,680 per tin. Mustard oil Dadri – Rs 12,400 per quintal. Mustard Pakki Ghani – Rs 1,990-2,020 per tin. Sarson Kachi Ghani – Rs 1,950-2,075 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal.
Soybean oil mill delivery Delhi – Rs 12,300 per quintal. Soybean Mill Delivery Indore – Rs 12,050 per quintal. Soybean oil Degem, Kandla – Rs 10,500 per quintal. CPO X-Kandla – Rs 8,250 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 10,650 per quintal. Palmolin RBD, Delhi – Rs 9,900 per quintal. Palmolin X- Kandla – Rs 8,900 (without GST) per quintal. Soybean grain – Rs 5,395-5,475 per quintal. Soybean loose – Rs 5,135-5,155 per quintal. Maize Khal (Sariska) – Rs 4,010 per quintal.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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