Heavy fall in the prices of oilseeds, will edible oil become cheaper now, know the latest price

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of edible oil abroad price drop After mustard, soybean, in Delhi oil-oilseed market on Tuesday GroundnutAlmost all edible oils and oilseeds, including CPO, closed with losses. Rest of the oil-oilseeds prices closed at the previous level. Malaysia Exchange declined by 3.15 percent while Chicago Exchange is currently running down.

Market sources said that due to the fall in foreign markets, the prices of oil and oilseeds have come down in the country. Due to increase in accumulation of cheap imported edible oils at the port and falling prices in the wholesale market, consumption of soft oils like groundnut, soyabean, cottonseed along with the upcoming mustard crop is becoming difficult. In such a situation, it should be thought about ending the exemption of duty free import on edible oil like sunflower.

farmers abandoned sunflower farming

In fact, the prices of sunflower and soybean affect our oil-oilseeds the most and import duty should be imposed on these oils and oil producing companies should be instructed to provide information about the maximum retail price (MRP) on the government portal on a regular basis. If given, the government can get help in overcoming the present situation. Sources said that a major oil organization has informed the government that in states like Punjab and Haryana, which used to have a lot of sunflower cultivation 8-10 years ago, it has now reduced considerably. The reason for this was the lack of processing units in these states and due to the long time lag during export to the southern states, 7-8 percent FFA acid increased in the oil, due to which the oil prices were reduced. Due to these problems, farmers abandoned sunflower farming.

Sunflower prices are getting less than MSP

Sources claimed that this thinking is absolutely baseless as sunflower seeds were also used along with processed oil in the southern states and sunflower seeds do not spoil for almost a year. Apart from this, if any such acid develops in edible oils, then it should first happen in crude palm oil (CPO) which takes about 15-20 days to import. Sources said that the farmers left its cultivation because they were getting less than the minimum support price (MSP) and even today farmers are getting less than the MSP of sunflower.

Import duty should be imposed on imported oil

Sources said that this oil organization should first tell the government that due to the price of sunflower being around Rs 100 a liter, domestic oil is not being consumed and due to keeping the maximum retail price (MRP) high, sunflower oil is being sold to consumers in retail at Rs 160- 180 per liter is available. They should also be advised that import duty should be imposed on imported oil in order to consume oilseeds like desi mustard in the market.

Sources said that the price of sunflower oil in bulk has become lower than soyabean, but if someone goes to buy it in the retail market, it will be found that the price of this oil is 30-40 rupees more expensive than soyabean. This contradiction needs to be dealt with strictly.

The prices of oil and oilseeds remained as follows on Tuesday:

• Mustard oilseeds – Rs.6,290-6,340 (42 percent condition rate) per quintal.
• Groundnut – Rs 6,470-6,530 per quintal.
• Groundnut oil mill delivery (Gujarat) – Rs 15,450 per quintal.
• Groundnut refined oil Rs 2,430-2,695 per tin.
• Mustard oil Dadri – Rs 12,950 per quintal.
• Mustard Pakki Ghani – Rs 2,070-2,100 per tin.
• Mustard raw Ghani – Rs 2,030-2,155 per tin.
• Sesame oil mill delivery – Rs 18,900-21,000 per quintal.
• Soybean oil mill delivery Delhi – Rs 12,700 per quintal.
• Soybean Mill Delivery Indore – Rs 12,450 per quintal.
• Soybean oil Degem, Kandla – Rs 10,750 per quintal.
• CPO X-Kandla – Rs 8,450 per quintal.
• Cottonseed Mill Delivery (Haryana) – Rs 11,000 per quintal.
• Palmolein RBD, Delhi – Rs 10,000 per quintal.
• Palmolin X- Kandla – Rs 9,100 (without GST) per quintal.
• Soybean grain – Rs 5,480-5,560 per quintal.
• Soybean loose – Rs 5,220-5,240 per quintal.
• Maize Khal (Sariska) – Rs 4,010 per quintal.