Edible Oil Price: Oil prices have also not remained untouched by the continuously increasing inflation in the country. Because oil prices have also reached very high levels. Oil prices have been continuously decreasing for some time. Due to which common citizens are benefiting a lot. The main reason for the falling price of oil in the markets is the ineffective trading of imported oils at the ports i.e. they are being sold at prices lower than the cost.

Many small mills have been closed

For the last two-three months, importers have been selling imported edible oils at a price lower than the cost price due to the compulsion of keeping their letters of credit circulating in the banks. The financial condition of importers has completely deteriorated due to selling at declining prices. Apart from this, due to continuing to run their letters of credit in banks, they have to sell imported oil cheaply at the ports. Not only this, about 60 to 70% of small milling mills have been closed due to losses incurred in selling the goods after milling.

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Mustard price reduced

With time, the area under sowing of sunflower, groundnut and oilseeds is also increasing. Till 24 November 2022, groundnut was sown in 2.7 lakh hectares. Whereas this time groundnut has been sown in only 1.80 lakh hectares. The demand for edible oils is increasing with time. But the sowing area is decreasing. Compared to the previous week, the wholesale price of mustard decreased by ₹ 100 and closed at ₹ 5650- 5700 per quintal. The price of raw and solid mustard oil fell by Rs 40 each and closed at Rs 1785-1880 and Rs 1785-1895 per tin.

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Price of soybean and groundnut oil also decreased

Similarly, the prices of Delhi, Indore and Tigum soybean oil declined by Rs 125, Rs 125 and Rs 50 respectively and closed at Rs 10400, Rs 10200 and Rs 8850 per quintal. Similarly, the price of groundnut has also decreased by ₹ 50 to ₹ 100. The price of palm oil fell by Rs 225 to Rs 8250, in Delhi the price of palm oil fell by Rs 150 to Rs 9150 per quintal. Whereas the price of cottonseed oil decreased by Rs 200 to Rs 9650 per quintal.

Superfast News Coverage By YuvaPatrkaar.com Team

Publish Date: November 27, 2023

Posted By Sunil

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