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Edible Oil Price Down Due To Market Breakdown Central Government Mustard Oil Price Today

Edible Oil Price Down Due To Market Breakdown Central Government Mustard Oil Price Today
Written by Arindam

Edible Oil Price: There has been a decline in the prices of edible oil even today. Due to the fall in the global market, the prices of all oils including mustard, groundnut, soybean oil-oilseeds, cottonseed, CPO, palmolein have declined in the domestic market. Apart from this, due to non-reduction in import duty, there has been a decline in Malaysia Exchange.

Know what is the opinion of experts?
Market experts said that refining companies of sunflower and soybean are thought to be exempted from import duty on annual import of 2 million tonnes every year till March 2024. For this, information has been sought from refining companies from May 27 to June 28 about the quantity of edible oils they intend to import.

Why did the prices fall?
Let us tell you that this exemption is only for those companies which after refining the imported oil, intend to sell it to the consumers. Markets crashed in Malaysia and CPO and palmolein oils declined as they were denied the possibility of an import duty exemption.

Mustard oil prices fall
Sources said the Malaysia exchange was down 2.25 per cent, while the Chicago exchange was down about 1.5 per cent. Sources said that local business has also been affected due to the fall in foreign trade amid reduction in import duty of sunflower and soybean degum. Along with this, there has been a decline in the prices of mustard, groundnut and soybean oil and oilseeds. Sources said that instead of increasing the import duty, the government will have to focus on increasing the production of oilseeds, which will help in eliminating the dependence of imports on other countries.

Let’s check the latest rates of oil-

  • Mustard oilseeds – Rs 7,565-7,615 (42 percent condition rate) per quintal
  • Groundnut – Rs 6,710 – Rs 6,845 per quintal
  • Groundnut Oil Mill Delivery (Gujarat) – Rs 15,700 per quintal
  • Groundnut Solvent Refined Oil Rs 2,635 – Rs 2,825 per tin
  • Mustard oil Dadri – Rs 15,150 per quintal
  • Sarson Pakki Ghani – Rs 2,380-2,460 per tin
  • Mustard Kachhi Ghani – Rs 2,420-2,530 per tin
  • Sesame Oil Mill Delivery – Rs 17,000-18,500 per quintal
  • Soyabean Oil Mill Delivery Delhi – Rs 16,650 per quintal
  • Soybean Mill Delivery Indore – Rs 16,000 per quintal
  • Soyabean Oil Degum, Kandla – Rs 15,000 per quintal
  • CPO Ex-Kandla – Rs 14,700 per quintal
  • Cottonseed Mill Delivery (Haryana) – Rs 15,200 per quintal
  • Palmolein RBD, Delhi – Rs 16,250 per quintal
  • Palmolein Ex-Kandla – Rs 15,080 (without GST) per quintal
  • Soyabean grain – Rs 6,950-7,050 per quintal
  • Soyabean loose Rs.6,650- Rs.6,750 per quintal
  • Maize Khal (Sariska) Rs 4,000 per quintal

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Arindam

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