Edible oil-oilseeds prices fall due to heavy import of sunflower oil
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Due to this fall in edible oil prices, it has become difficult to consume the upcoming mustard in the market. Market knowledgeable sources said that it seems that instead of self-reliance in the matter of oil-oilseeds, we are becoming completely dependent on imports.
Due to the record import of sunflower oil, the Delhi oil-oilseeds market witnessed a sharp decline in all domestic oil-oilseeds on Thursday. Due to this fall in edible oil prices, it has become difficult to consume the upcoming mustard in the market. Market knowledgeable sources said that it seems that instead of self-reliance in the matter of oil-oilseeds, we are becoming completely dependent on imports.
In the month of January, under the duty-free quota system, sunflower oil has been imported to the maximum of about 4,72,000 tonnes, whereas its monthly average consumption in the country is between 1.5-2.2 lakh tonnes. That is, 200 percent more quantity of sunflower oil has been imported than required. Similarly, the import of soybean oil has increased to about four lakh tonnes in January. With these cheap imports, who would buy the high priced mustard?
Sources expressed apprehension that some big oil businessmen have oil plants in Argentina, Brazil and may have their own vested interests. Probably they do not want to see the country’s effort to achieve self-reliance succeed. The funny thing is that oil prices are falling and consumers are yet to get the substantial benefits of the fall in oil prices. One can check the price sunflower oil is fetching by visiting the retail market.
Retailing oil companies have been depriving consumers of the benefit of falling oil prices by inflating the maximum retail price (MRP) mark. If the government should make it mandatory for the oil producing companies to provide information about the maximum retail price (MRP) on the government portal on a regular basis, then the problem will start solving itself. In view of the danger of non-consumption of indigenous oil-oilseeds, there may be a shortage of oil cake and de-oiled cake (DOC) which are used for cattle feed and poultry feed.
The fall in edible oil prices is such that sunflower seed has been selling below the minimum support price (MSP) for a long time and now mustard may also face the same threat. Sources said that nobody in the country is getting any benefit from the quota system of duty free imports and everyone has kept mum about the complications arising out of this system. The prices of oil-oilseeds on Thursday were as follows: Mustard oilseeds – Rs.6,040-6,090 (42 percent condition rate) per quintal.
Groundnut – Rs.6,450-6,510 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 15,425 per quintal. Groundnut refined oil Rs 2,420-2,685 per tin. Mustard oil Dadri – Rs 12,550 per quintal. Mustard Pakki Ghani – Rs 2,010-2,040 per tin. Sarson Kachi Ghani – Rs 1,970-2,095 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 12,450 per quintal.
Soybean Mill Delivery Indore – Rs 12,250 per quintal. Soybean oil Degem, Kandla – Rs 10,600 per quintal. CPO X-Kandla – Rs 8,250 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 10,800 per quintal. Palmolin RBD, Delhi – Rs 9,900 per quintal. Palmolin X- Kandla – Rs 9,000 (without GST) per quintal. Soybean grain – Rs 5,420-5,500 per quintal. Soybean loose – Rs 5,160-5,180 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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