Edible Oil: Amidst the ups and downs in the foreign market, the price of edible oil continues to rise. The prices of oil and oilseeds such as mustard, soybean, groundnut, crude palm oil and refined have increased in Delhi market on Wednesday. The cost of imported oils is cheaper than domestic oils. Experts say that the price of domestic oil (Desi Oil Price) is high due to crushing and other expenses.
Talking about the foreign markets, the Malaysia Exchange was up by one and a half percent and the Chicago Exchange is currently down by about 0.75 percent. Experts believe that domestic oil and oilseeds come in the market during the month of November and the government is also importing more edible oil, which should be reduced now.
Oil prices may fall due to these reasons
Sources said that the wholesale price of imported sunflower and soyabean refined oil is available at around Rs 110 a litre. After adding other expenses, the retail selling price of both these oils should not exceed Rs 130-135 a litre. In such a situation, if the government investigates it, then the prices can be reduced.
Domestic oil is not being sold
To meet the needs in the country, up to 60 percent oil is being imported. In such a situation, due to low prices, the consumption of imported oils is high and the stock of products like soyabean is increasing. This means that the consumption of native oils is less. Experts say that the import duty on imported oils should be increased.
Oilseeds prices in the country’s market
- Mustard oilseeds – Rs 7,035 to 7,085 per quintal
- Groundnut – Rs 6,460 to 6,520 per quintal
- Groundnut refined oil Rs 2,435 to Rs 2,700 per tin
- Mustard Pakki Ghani – Rs 2,130-2,260 per tin
- Mustard raw Ghani – Rs 2,190-2,315 per tin
- Soybean oil Degem, Kandla – Rs 11,400 per quintal
- Soybean oil mill delivery Delhi – Rs 13,100 per quintal
Loss to farmers due to imported oils
Significantly, the prices of imported oils have been reduced for the last five months. Experts say that this is affecting the production of oil and oilseeds. Farmers and oil industry are in bad condition and consumers are not getting special relief. Although the mandi prices of cottonseed are higher than the minimum support price (MSP), farmers did not get higher prices for cottonseed and soyabean last year. Mills crushing oilseeds like mustard, cottonseed, soyabean and groundnut are suffering huge losses due to cheap import oil.