Edible oil Price: Edible oil prices will not increase in the festive season, customers will get big relief

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Edible oil Price: There is a possibility of relief to the common people due to the increase in the prices of edible oil in the festive season. Fast Moving Consumer Goods (FMCG) According to a statement issued by the companies, the supply from the international market is getting better. However, the soybean crop has been adversely affected due to the rains. Due to this there is a situation of tension. Still, it is being claimed in the market that the price will not be increased by the oil companies. After this, edible oil prices may increase again from December to March-April. Its effect can be seen in oil producing countries, where there is a possibility of decline in production.

What is the forecast of the market regarding the price of oil?

Regarding inflation and price fluctuations, Solvent Extractors Association’s executive director BV Mehta said that FMCG companies are worried about the production of rice due to lack of rain. There has not been good rains for the non-basam tea rice crop in the northeastern states. Whereas, the condition of monsoon is critical regarding soybean and groundnut crops. However, there is little chance of an immediate increase in prices. Whereas, Adani Wilmar’s Managing Director Angshu Mallick told that India has imported edible oils on a large scale, due to which its prices will not increase. But deficient monsoon will affect soybean crop, which may affect consumption. In such a situation, the prices are expected to remain stable.

Imports improved as compared to July

Due to higher import of edible oils in August as compared to July, most of the oil-oilseeds prices declined in the country’s wholesale oil-oilseeds market on Monday, but cottonseed oil prices strengthened due to low demand amid extremely low availability. Viewed. Market sources said that in July 2023, 17.60 lakh tonnes of edible oils were imported, which has increased to 18.5 lakh tonnes in August this year. Last year, on an average, 11.70 lakh tonnes of edible oils were imported every month. This situation is a sign of increasing dependence on imports. But in such a situation, the question arises that what will happen to the domestic oil-oilseed industry? He said that its effect will be seen in the next four to five years and there can be serious damage to the domestic oil-oilseed industry.

Wholesale prices fall due to import

Sources said the impact of continued indiscriminate imports was reflected in all oil-oilseed prices, which led to a fall in their ‘wholesale’ prices. But this fall should not be taken as a fall in ‘retail’ prices as the maximum retail price (MRP) Due to high MRP), the consumers have to buy this cheap bulk oil at high cost. He said that the biggest problem is that the importers are selling this imported edible oil at a wholesale price of Rs 3-5 below the cost at the port. That means the banks are also facing loss because it is not clear from where the sales will compensate for this loss. One can be happy only by increasing the import of edible oils and the fall in their wholesale prices, or promptness should also be shown to reduce the MRP.

The closure of the Chicago Exchange affected the prices

Due to low demand for cottonseed oil in Maharashtra and very less availability of cottonseed oil, the price of this oil improved. The Chicago Exchange is closed today which affects the world’s oil-oilseeds market. Malaysia Exchange is down.

The prices of oil and oilseeds remained as follows in Delhi on Monday

Mustard oilseeds – Rs.5,640-5,690 (42 percent condition rate) per quintal.

Groundnut – Rs 7,790-7,840 per quintal.

Groundnut oil mill delivery (Gujarat) – Rs 18,550 per quintal.

Groundnut refined oil Rs 2,715-3,000 per tin.

Mustard oil Dadri – Rs 10,650 per quintal.

Mustard Pakki Ghani – Rs 1,775 -1,870 per tin.

Mustard raw Ghani – Rs 1,775 -1,885 per tin.

Sesame oil mill delivery – Rs 18,900-21,000 per quintal.

Soybean oil mill delivery Delhi – Rs 10,050 per quintal.

Soybean Mill Delivery Indore – Rs 10,000 per quintal.

Soybean oil Degem, Kandla – Rs 8,300 per quintal.

CPO X-Kandla – Rs 8,150 per quintal.

Cottonseed Mill Delivery (Haryana) – Rs 9,125 per quintal.

Palmolin RBD, Delhi – Rs 9,350 per quintal.

Palmolin X- Kandla – Rs 8,500 (without GST) per quintal.

Soybean grain – Rs 5,155-5,250 per quintal.

Soybean loose – Rs 4,920-5,015 per quintal.

Maize Khal (Sariska) – Rs 4,015 per quintal.

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