Edible oil, oilseed prices trended heavily in the last week
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Sources in the market said that during the five months ended March last year, 57,95,728 tonnes of edible oils were imported, whereas in the five months ended March this year, the import increased by 22 per cent to 70,60,193 tonnes. Apart from this, a consignment of 24 lakh tonnes of edible oils is yet to arrive.
New Delhi. Amid fall in the prices of edible oils abroad, the prices of edible oils in the Delhi oil-oilseed market saw a sharp decline as compared to the previous weekend. The prices of soybean seed and loose as well as groundnut oil-oilseeds remained at the previous level due to farmers bringing less goods in the market to avoid selling cheaply. Sources in the market said that during the five months ended March last year, 57,95,728 tonnes of edible oils were imported, whereas in the five months ended March this year, the import increased by 22 per cent to 70,60,193 tonnes. Apart from this, a consignment of 24 lakh tonnes of edible oils is yet to arrive. In this way, heavy imports and stocks in the ‘pipeline’ have made it difficult for local oilseeds like mustard to be consumed in the market.
Amidst the current situation, there is panic among farmers along with the local oil industry which is the main reason for the fall in edible oil prices. According to sources, last weekend oil millers’ body Solvent Extractors’ Association (SEA) working president BV Mehta appealed to the government to increase the import duty difference between palm and palmolein from the current 7.5 per cent to run the country’s processing mills. be reduced to 15 percent. This is in a way a demand to increase the import duty on Palmolein. Oil industry sources said that if import duty on palmolein is increased, people will start importing CPO instead of palmolein and then only processing mills will be able to import. Means palmolein oil will become costlier than sunflower and soybean oil.
Sources said that when soft oil has been imported in such a large quantity, then what big difference is going to be made by increasing the duty difference only between palm palmolein. Indigenous oil and oilseeds will not be consumed even then. The silence of the experts about the indiscriminate import of soft oils, which are cheap imported oils, is a threat to the domestic oil mills. He said that the government had probably not given exemption for duty free import of edible oils so that bumper crop of desi mustard and sunflower crop could not be consumed in the market. Indigenous Oil – To run the oilseeds industry, first there is a need to control the indiscriminate import of soft oils. According to sources, the wholesale price of mustard seed fell by Rs 250 to close at Rs 5,105-5,200 per quintal last week as compared to the previous weekend. Mustard Dadri oil declined by Rs 600 to close at Rs 9,980 per quintal during the weekend under review.
Mustard Pakki Ghani oil declined by Rs 80-80 to Rs 1,595-1,665 and Rs 1,595-1,715 per tin (15 kg), respectively. Sources said that soybean grain and soybean loose remained unchanged at Rs 5,365-5,415 and Rs 5,115-5,215 per quintal, respectively, during the week under review. Soybean Delhi, Soybean Indore and Soybean Degum oil fell by Rs 440, Rs 450 and Rs 450 respectively to close at Rs 10,780, Rs 10,600 and Rs 8,950 per quintal during the weekend under review due to fall in prices overseas.
During the week under review, groundnut oil-oilseeds remained unaffected by the movement of imported edible oils, due to which the prices of Groundnut Oilseeds, Groundnut Gujarat and Groundnut Solvent Refined closed unchanged at Rs 6,790-6,850, Rs 16,660 and Rs 2,535-2,800 per tin, respectively. Sources said crude palm oil (CPO) prices declined by Rs 300 to close at Rs 8,500 per quintal during the week under review. While the price of palmolein fell by Rs 200 to close at Rs 10,050 per quintal in Delhi. Palmolein Kandla also declined by Rs 250 to close at Rs 9,150 per quintal. In line with the general downward trend, cottonseed oil also closed at Rs 9,380 per quintal, showing a loss of Rs 320 for the week under review.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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