Palmolein oil improved last week, other oils declined
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Last week, there was an improvement in the prices of Palmolein Delhi and Palmolein X-Kandla oil in the oil and oilseeds markets of the country, while the prices of all other oils and oilseeds closed with a decline. Market sources said that the mills crushing local groundnut, mustard, cottonseed and sunflower oil are incurring loss of up to Rs 5-10 per kg. Consumption of these indigenous oils is difficult compared to cheap imported oils but no one including the oil organizations is paying attention to this. Sources said that earlier the price difference of soybean and palm and palmolein oil was 200-250 dollars, which has now reduced to 50-60 dollars.
Soybean oil prices fell to $930-932 last week from $955-960 a week earlier. In comparison, the prices of palm-palmo olein oil have decreased significantly compared to last weekend and its price is currently around $ 860-880 per tonne. Because of this there is improvement in the price of palmolein oil. He said that there is a loss of Rs 2-2.5 per kg in importing palm and palmolein oil into the country. The import price of these oils is around Rs 83 per kg and it is being sold at the ports at Rs 80-81 per kg. Due to the strengthening of palm and palmolein market in Malaysia compared to soybean, palm and palmolein oil prices improved in the week under review.
Sources said it takes about two months to import soybean oil from Argentina and Brazil and importers in the country who are forced to rotate their ‘Letter of Credit’ or Letter of Credit (LC) have to import palm oil. It is convenient because it takes only 10-15 days to arrive from Malaysia. Due to this, the demand for palm palmolein has increased, which is the main reason for the improvement in their prices. Last week, the wholesale price of mustard seeds fell marginally by Rs 5 and closed at Rs 5,295-5,345 per quintal as compared to the previous weekend. The price of Mustard Dadri oil fell by Rs 100 and closed at Rs 9,750 per quintal. Mustard Pakki and Kachchi Ghani oil prices closed at Rs 1,665-1,760 and Rs 1,665-1,765 per tin (15 kg) with a loss of Rs 15 and Rs 25, respectively. In the week under review, soybean grain and loose prices closed at Rs 4,945-4,995 per quintal and Rs 4,745-4,795 per quintal with a loss of Rs 55 each, respectively.
Similarly, Soybean Delhi, Soybean Indore and Soybean Degum oil prices closed at Rs 9,650, Rs 9,500 and Rs 7,925 per quintal with a loss of Rs 75, Rs 75 and Rs 150 respectively. In line with the general trend of decline, the prices of groundnut oil and oilseeds also closed with a decline in the week under review. Groundnut oil-oilseeds, Groundnut Gujarat and Groundnut solvent refined oil prices closed at Rs 6,725-6,800 a quintal, Rs 15,700 a quintal and Rs 2,345-2,620 per tin with a loss of Rs 150, Rs 300 and Rs 40, respectively. Crude palm oil (CPO) remained unchanged at Rs 7,600 per quintal in the week under review. The price of Palmolein Delhi closed at Rs 8,900 per quintal with an improvement of Rs 50 and the price of Palmolein X Kandla oil closed at Rs 8,050 per quintal with a gain of Rs 125.
During this period, cottonseed oil also declined by Rs 100 and closed at Rs 8,250 per quintal. Sources said the government may provide some relief to consumers from arbitrary recovery by mandating regular notification of maximum retail price (MRP) on a government portal. To curb the inflation of edible oils, the government should also adopt the route of distributing edible oils through ration shops.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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