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Saturday, August 6, 2022

Edible Oil : Mustard oil becomes cheaper!

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Edible Oil Update: Due to the rising global market, there has been an improvement in oil prices. Apart from that, there has been a drop in mustard oil prices. Traders said the Chicago Stock Exchange closed down nearly 3% last night, which was reflected in the rest of oilseed prices in Saturday’s trade. Mustard oil oilseed prices closed lower as part of normal activity.

Palm oil has become cheaper
Sources said that about a month and a half ago, the price for delivering crude palm oil to Kandla was $2,040 per ton. That price has now fallen to around $1,000 per ton. Its retail market price will currently be around Rs 86.50 per kg.

Mustard oil has become cheaper
on the other hand, this time, the minimum support price (MSP) of mustard was around Rs 5,050 per quintal, which is expected to increase between Rs 200-300 per quintal at the time of the next sowing. As a result, the price of mustard oil is estimated at around Rs 125-130 per kg after the next harvest.

Check the price of CPO oil
Now, when CPO oil will be around Rs 86.50 per kg in the market, then where mustard will be consumed for Rs 125-130. Instead of requiring the government to import duty-free edible oils, the major oilseed organizations in the country should motivate the government to increase oilseed production and achieve self-sufficiency by giving proper guidance. It is also their responsibility to tell the government from time to time which decision is in the interests of the oilseeds of the country and which is against them.

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

Let’s check the latest food rates (Edible Oil)

  • Mustard oilseeds – Rs 7,170-7,220 (42% state price) per quintal
  • Groundnut – Rs 6,895 – Rs 7,020 per quintal
  • Delivery of a groundnut oil mill (Gujarat) – Rs 16,250 per quintal
  • Peanut Solvent Refined Oil Rs 2,710 – Rs 2,900 per box
  • Dadri mustard oil – Rs 14,400 per quintal
  • Sarson Pakki Ghani – Rs 2,280-2,360 per box
  • Kachhi Ghani Mustard – Rs 2,320-2,425 per box
  • Sesame Oil Mill Delivery – Rs 17,000-18,500 per quintal
  • Delivery of soybean oil to Delhi – Rs 13,100 per quintal
  • Soybean Mill Delivery Indore – Rs 12,850 per quintal
  • Degum of soybean oil, Kandla – Rs 11,600 per quintal
  • Ex-Kandla CPO – Rs 10,950 per quintal
  • Factory delivery of cotton seeds (Haryana) – Rs 13,850 per quintal
  • Palmolein RBD, Delhi – Rs 12,400 per quintal
  • Palmolein Ex-Kandla – Rs 11,300 (excluding GST) per quintal
  • Soybean – Rs 6,275-6,325 per quintal
  • Bulk soybeans Rs 6,025- Rs 6,075 per quintal
  • Maize Khal (Sariska) Rs 4,010 per quintal

ALSO READ: From July 15, free Covid-19 booster doses will be available to people aged 18 to 59 for 75 days.

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