Good News! Edible oil has become cheaper, the rate of all oil and oilseeds has come down, know the new prices
New Delhi. Due to abundance of cheap imported oils in the country, prices of almost all oilseeds fell in the Delhi oilseeds market on Saturday. Market sources said that if this condition of cheap imported oils continues, then the country’s soybean and upcoming mustard crops will not be able to be consumed under any circumstances and this oil will hurt the dream of self-sufficiency in oilseeds. Sources said there is a glut of soft oils in the country and there is a misconception in some circles that there is a substantial difference in the prices of sunflower and soybean.
Sources said that if the market is saturated with cheap imported oils, where will the potential production of mustard, which has about 42 percent oil share, be consumed this time around 125 lakh tonnes. Khal prices become expensive when oil prices are cheap because oil traders meet the deficit of oil by increasing the price of Khal. Animal feed will be costlier due to costlier of khal, deoiled cake (DOC) and prices of milk, milk products will increase and eggs, chicken will be costlier.
.Government increased MSP
In the current year, the government has increased the minimum support price (MSP) of mustard. The MSP of mustard, which was earlier Rs 5,000 per quintal, has been increased to Rs 5,400 per quintal. According to the sources, if the current situation of cheap imported oils continues, mustard will not be consumed and the stock of mustard and soybean oilseeds will be left. This situation also shows a different contradiction.
Sources said that the government should get rid of the quota system of duty free imports soon as it has no justification. When this system was implemented, the prices of edible oils were crashing. But this system, which was expected to soften the prices of edible oil, became ineffective due to the arbitrary determination of the maximum retail price (MRP).
Consumers are not getting the benefit of fall in edible oil prices
According to sources, the government should make it mandatory for all edible oil producing companies to disclose their MRP on the official website. This is likely to curb the arbitrariness of oil companies and small packers. Probably for this reason, consumers have to buy this oil at a higher price despite the fact that the global oil prices have almost halved. Sources said that customers are not getting the benefit of the fall in edible oil prices due to higher MRP fixed in the retail market after the price break in the wholesale sale.
Sources said that if the domestic oil oilseeds are not consumed in the market, then the import can increase significantly as compared to earlier. The country has to decide whether it wants self-sufficiency or complete dependence on imports. For self-reliance, first of all, efforts should be made to curb cheap imported oils. The Chicago Exchange closed with a weakness of 1.75 percent on Friday.
The prices of oil and oilseeds remained as follows on Saturday:
Mustard oilseeds 6,520 6,570 (42 percent condition rate) Rs. per quintal.
Groundnut 6,530 6,590 per quintal Rs.
Groundnut oil mill delivery (Gujarat) Rs 15,500 per quintal.
Groundnut Refined Oil 2,445 Rs 2,710 per tin.
Mustard oil Dadri Rs 13,000 per quintal.
Mustard Pakki Ghani 1,175 Rs 2,105 per tin.
Mustard Kachhi Ghani 2,035 Rs 2,160 per tin.
Sesame oil mill delivery Rs.18,900-21,000 per quintal.
Soybean oil mill delivery Delhi Rs 12,900 per quintal.
Soybean Mill Delivery Indore Rs 12,700 per quintal.
Soybean oil Degum, Kandla Rs 11,100 per quintal.
CPO X Kandla Rs 8,330 per quintal.
Cottonseed Mill Delivery (Haryana) Rs 11,400 per quintal.
Palmolin RBD, Delhi Rs 9,900 per quintal.
Palmolin X Kandla Rs 8,940 (without GST) per quintal.
Soybean grain Rs.5,500 to Rs.5,580 per quintal.
Soybean loose Rs 5,240 Rs 5,260 per quintal.
Maize Khal (Sariska) Rs 4,010 per quintal.
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Tags: business news in hindi, Edible oil, Edible oil price, mustard oil
FIRST PUBLISHED : January 21, 2023, 21:25 IST