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Saturday, August 6, 2022

Edible oil became cheaper due to fall in global market

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Edible oil prices: The effect of falling oil prices in the global market is also felt in the domestic market. There was a crash in the prices of mustard, soybean oil in Delhi on Saturday. Apart from this, crude palm oil and palmolein also fell. Apart from this, groundnut and cottonseed prices remained stable due to the demand for indigenous oils.

How was the global market movement?
Traders said the Malaysian Stock Exchange was bearish yesterday, while the Chicago Stock Exchange will remain closed on Monday after a bearish Friday night. Amid the historic downturn overseas, edible oil prices have broken significantly in overseas markets in the past. Oil prices have come down by around Rs 50-60 per kg. The country’s importers cannot escape the grip of this decline.

Import duties have been reduced, apart from this, import duties have been reduced in several installments by the government. Until two and a half years ago, there was an import duty of 38.25% on imports of soybeans and sunflowers and 41.25% on imports of CPO, which, after being reduced in several tranches, currently account for 4 million tonnes of edible soybean and sunflower oil. free of charge for two years. allowed to import. The import duty on CPO has fallen to 5.50%.

The costs of edible oils have slipped overseas, it is incomprehensible to understand the reasons for allowing duty-free imports for two years after import duties were reduced several times. Seen from the other side, neither the consumers, nor the oil industry, nor the farmers benefit from this drop.

The arrival of mustard decreases, the arrival of mustard in the market decreases and it can face a severe shortage during festivals. There is a demand for indigenous oils compared to foreign oils and for this reason the prices of groundnut oil, oilseeds and cottonseed oil have remained at the previous level.

Check how much is the latest oil rate today-

  1. Mustard oilseeds – Rs 7,485-7,535 (42% condition rate) per quintal
  2. Groundnut – Rs 6,765 – Rs 6,890 per quintal
  3. Delivery of a groundnut oil mill (Gujarat) – Rs 15,710 per quintal
  4. Peanut Solvent Refined Oil Rs 2,635 – Rs 2,825 per box
  5. Dadri mustard oil – Rs 15,150 per quintal
  6. Sarson Pakki Ghani – Rs 2,380-2,460 per box
  7. Kachhi Ghani Mustard – Rs 2,420-2,525 per box
  8. Sesame Oil Mill Delivery – Rs 17,000-18,500 per quintal
  9. Delivery of soybean oil mill in Delhi – Rs 14,100 per quintal
  10. Soybean Mill Delivery Indore – Rs 13,800 per quintal
  11. Degum of soybean oil, Kandla – Rs 12,400 per quintal
  12. Ex-Kandla CPO – Rs 11,300 per quintal
  13. Factory delivery of cotton seeds (Haryana) – Rs 14,150 per quintal
  14. Palmolein RBD, Delhi – Rs 13,200 per quintal
  15. Palmolein Ex-Kandla – Rs 12,100 (without GST) per quintal
  16. Soybean – Rs 6,500-6,550 per quintal
  17. Bulk soybeans Rs 6,300- Rs 6,350 per quintal
  18. Maize Khal (Sariska) Rs 4,010 per quintal

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