Sunday, November 27, 2022

Edible Oil: Edible oil has become cheap!

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Edible Oil Prices: Amid the global market slump, oil prices fell on Wednesday. Most oilseed prices including mustard, groundnut, soybean oilseed, CPO, cottonseed and palmolein oil recorded declines in the Delhi oilseed market on Wednesday. Traders said the Malaysian Stock Exchange is down nearly 8%, while the Chicago Stock Exchange is currently down 3.5%.

The visible impact of the global market
Sources said that the importer and the oil industry have suffered greatly from falling oil prices overseas, but the MRP of edible oils is not falling in domestic markets. The price of crude palm oil has halved in the last month and a half. The government has held about three meetings with edible oil bodies, oil companies in a bid to ensure that ordinary consumers benefit from lower world prices.

Beware of MRP
Some major brands in the country have kept the MRP of this edible oil at Rs 205-225 per litre, while its MRP should be at maximum Rs 150-155 per litre. Sources said the government has seen the results of the meetings, it should now consider taking direct action on the MRP.

Focus is on increasing oil production
Sources said olive oil is expensive and is also consumed by high-income people for food. Middle class or common people hardly use this oil for food. Sources said that in such a situation, there is no justification for the request of the oil organizations to reduce import duties on this oil. Sources said the government will have to make every effort to increase oil and oilseed production, only then can there be a permanent solution to this problem.

Let’s check the latest oil rates today-

  • Mustard oilseeds – Rs 7,295-7,345 (42% condition rate) per quintal
  • Peanut – Rs 6,735 – Rs 6,860 per quintal
  • Delivery of a groundnut oil mill (Gujarat) – Rs 15,750 per quintal
  • Peanut Solvent Refined Oil Rs 2,640 – Rs 2,830 per box
  • Dadri mustard oil – Rs 14,650 per quintal
  • Sarson Pakki Ghani – Rs 2,315-2,395 per box
  • Kachhi Ghani Mustard – Rs 2,355-2,460 per box
  • Sesame Oil Mill Delivery – Rs 17,000-18,500 per quintal
  • Delivery of soybean oil mill in Delhi – Rs 13,700 per quintal
  • Soybean Mill Delivery Indore – Rs 12,950 per quintal
  • Degum of soybean oil, Kandla – Rs 11,750 per quintal
  • Ex-Kandla CPO – Rs 11,000 per quintal
  • Factory delivery of cotton seeds (Haryana) – Rs 13,950 per quintal
  • Palmolein RBD, Delhi – Rs 12,800 per quintal
  • Palmolein Ex-Kandla – Rs 11,600 (without GST) per quintal
  • Soybean – Rs 6,250-6,300 per quintal
  • Bulk soybeans Rs 6,000-6,050 per quintal
  • Maize Khal (Sariska) Rs 4,010 per quintal

Also Read: Koffee with Karan 7: Janhvi Kapoor reached ‘Koffee with Karan’ wearing such an expensive dress, will be blown away after hearing the price

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