THE edible oil prices in the city’s wholesale market have remained steady during the peak festive season, compared to prices in October. The measure taken by the Government in last week of September to reduce the basic customs duty (BCD) on imported edible oils provided the much needed relief to consumers. The Government reduced the BCD on crude sunflower oil from 10 per cent to nil. The BCD on refined sunflower oil has been trimmed from 32.5 per cent to 22.5 per cent. The BCD on crude soybean oil and palm oil has been slashed from 10 per cent to 5 per cent, and on refined soybean oil and palm oil from 32.5 per cent to 27.5 per cent.

 

“The reduction of basic customs duty on imported edible oils has impacted the prices in wholesale market, capping the prices from escalating further during the peak Diwali festive season, compared to prices in October,” said Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Pvt Ltd, Itwari while speaking to The Hitavada. In the wholesale market, the soyabean oil price was quoted at Rs 2,400 per 15 kg tin, palm oil at Rs 2,340-50 per 15 kg tin and sunflower oil at Rs 2,480-90 per 15 litre tin. Also, rice bran oil is being quoted at Rs 2,380 per 15 kg tin and groundnut oil at Rs 2,880 per 15 kg tin. In retail, groundnut oil is selling at Rs 195-200 per litre pouch, rice bran at Rs 157 per litre pouch, sunflower oil at Rs 180 per litre pouch, and soyabean oil is available at Rs 160 per litre pouch, experts in the market said. Experts are also of the opinion that the edible oil price of soyabean is expected to remain steady with the arrival of the new crop in December. While, groundnut oil is likely to rise in the coming days as it is estimated that there will be 20 per cent lower production in Gujarat.