Edible Oil Price: Almost All Edible Oils Have Become Expensive But Mustard Oil Got Cheaper Know Latest Price Now

Edible oil price: Prices of almost all oilseeds improved in the Delhi oilseed market on Saturday. Mustard oilseeds prices closed slightly lower amid normal business. The Chicago Stock Exchange closed nearly three percent higher last night.

New Delhi: Prices of almost all edible oils improved on Saturday in the Delhi oilseeds market due to a strong close of about three percent in the Chicago Stock Exchange late on Friday, while mustard oilseeds prices closed slightly lower amid normal trade . Traders said the Chicago Stock Exchange closed nearly three percent higher last night, which was reflected in other oilseed prices in Saturday’s trade. Mustard oil seed prices closed lower in normal business.

Sources said about a month and a half ago, Kandla crude palm oil (CPO) delivery price was $2,040 per tonne. That price (for August delivery) has now fallen to around $1,000 a tonne. At present, its price in the retail market including duty will be around Rs 86.50 per kg. It should be noted that millions of tons of oil are in the process of being imported. On the other hand, this time the minimum support price (MSP) of mustard was around Rs 5,050 per quintal, which is expected to rise in the range of Rs 200-300 per quintal during the next sowing. Accordingly, the price of mustard oil is estimated to be around Rs 125-130 per kg after the next harvest.

Now when CPO oil will be around Rs 86.50 per kg in the market, then where will mustard be consumed for Rs 125-130. Sources said that instead of being self-sufficient in oilseeds, the country seems to be dependent on imports. Instead of demanding duty-free import of edible oils from the government, major oilseed organizations in the country should motivate the government to increase oilseed production and achieve self-sufficiency by giving appropriate advice. It is also their responsibility to tell the government from time to time which decision is in the interest of the oilseed producers in the country and which is in their loss.

On Friday, the government reduced the import duty price of CPO by Rs 100 per quintal, while the import duty price of soybean degum by Rs 50 per quintal and palmolein oil by Rs 200 per quintal. Sources said that on the one hand, the value of import duty is being reduced while overseas oilseed markets are collapsing and import duty has also been reduced. Sources said that all these situations could lead the country to total dependence on imports.

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Updated: July 17, 2022 — 5:43 am