New Delhi. Due to the fall in the prices of edible oils in foreign markets, the pressure on imported oils as well as all indigenous oil-oilseeds in the Delhi oil-oilseed market last week, due to which mustard, groundnut, soybean oil-oilseed, cottonseed, crude palm oil (CPO) , Palmolein oil prices declined. Sources in the market said that the fall in the prices of edible oils in foreign markets put pressure on all oil-oilseeds prices, but despite this there is no relief to the consumers. The reason for this is the ‘quota system’ adopted by the government in relation to oil imports. After the implementation of the quota system, the rest of the imports have come to a standstill, due to the low supply situation in the market, sunflower and soybean oil consumers have to buy them at a higher price than before.
According to news agency PTI, last year the difference between the prices of soybean and palmolein used to be Rs 10-12, has increased to around Rs 40 per kg this year. Palmolein has become so cheap that no other oil can survive in front of it. This is the reason that despite the demand of winter, the prices of edible oils are going down under heavy pressure.
Sources said that this is the situation in Cottonseed. One, the markets abroad are broken and farmers are bringing less arrivals to the mandis for sale at a cheap rate. Because of this the ginning mills which separate cotton and narma from cottonseed are not running. The condition of small industries is very bad. The quota system does not seem to provide any relief to the farmers, the oil industry and the consumers.
Quota system not getting expected results
Sources said that the most important thing for the country is the farmer, followed by the consumer and then the oil industry. Big oil organizations should play an important role in maintaining proper harmony in the interests of all these. But the quota system is not giving the expected results, that is, instead of getting cheaper, the prices of edible oils have become costlier. There is a need to reconsider this. It is the responsibility of the major oil organizations of the country to tell the ground reality to the government and give advice about the proper way. According to sources, to become self-sufficient in edible oil, the government will have to make a lot of efforts and for this it is most important not to open futures trading of edible oils.
The price of mustard raw ghani oil closed at Rs 2,310-2,435 per tin.
According to sources, the price of mustard seeds fell by Rs 175 last week to close at Rs 7,300-7,350 per quintal as compared to Friday’s closing price of last weekend. Mustard Dadri oil declined by Rs 550 to close at Rs 14,850 per quintal in the reporting weekend. At the same time, the prices of Mustard Pakki Ghani and Kachi Ghani oil also declined by Rs 90-90 to Rs 2,250-2,380 and Rs 2,310-2,435 per tin (15 kg), respectively.
The wholesale price of soyabean in Delhi decreased by Rs 900 to Rs 14,200.
Sources said that due to fall in the prices of edible oils abroad, soybean oil-oilseed prices fell in the reporting week. In the reporting week, wholesale prices of soyabean grain and loose declined by Rs 125 and Rs 115, respectively, to close at Rs 5,675-5,775 and Rs 5,485-5,545 per quintal, respectively. Similarly, losses were also recorded in soybean oil prices in the reporting week. The wholesale price of soyabean fell by Rs 900 to close at Rs 14,200. The price of soybean Indore decreased by Rs. 950 to close at Rs. 13,850. The price of soybean digum also fell by Rs 800 to close at Rs 12,750 per quintal.
Groundnut oil Gujarat fell by Rs 520 to close at Rs 13,850 per quintal
Due to the increase in the arrival of new crop, there was a decline in the prices of groundnut oil and oilseeds in the reporting weekend. In the reporting weekend, the price of groundnut oilseed fell by Rs 225 and closed at Rs 6,585-6,645 per quintal. Compared to the closing price of the previous weekend, groundnut oil Gujarat fell by Rs 520 to close at Rs 13,850 per quintal in the reporting week, while groundnut solvent refined fell by Rs 75 to close at Rs 2,445-2,705 per tin.
CPO price decreased by Rs 450 to close at Rs 8,550 a quintal
Sources said that the price of palmolein oil is very broken. In the reporting week, the price of CPO declined by Rs 450 to close at Rs 8,550 per quintal, while Palmolein Delhi lost Rs 500 to Rs 10,300 and Palmolein Kandla lost Rs 400 to close at Rs 9,400 per quintal. Amid pressure on oil prices, cottonseed oil also fell by Rs 800 to close at Rs 12,600 per quintal in the week under review.
First read breaking news in Hindi News18 Hindi| Read today’s latest news, live news updates, most reliable Hindi news website News18 Hindi.
Tags: Edible oil, Edible oil price
FIRST PUBLISHED : November 20, 2022, 17:51 IST
