Edible oil prices hold steady with average demand
    Date :31-Oct-2022

 oil prices 
Business Bureau
THE edible oil prices are holding steady with average demand in the wholesale market. The demand for edible oils has cooled down just after Diwali thereby restraining the prices from bouncing up. At present, the demand is slower and prices steady,” said Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Pvt Ltd, Itwari while speaking to The Hitavada. Every year it is generally observed that during the Diwali festival period there is a big impact on the demand and therefore prices of edible oils tend to jump up in the wholesale market.
“But it was observed that this year’s Diwali was different. We were surprised to see only 10 per cent rise in demand for edible oils. Generally, there would be heavy demand and more than double the average demand. This year, a new trend has set in and people have changed their buying habits and spent on buying readymade food items from farsan shops or giving orders to home-made food suppliers for Diwali. With less time on hand people are changing lifestyles and preferences,” Thakkar added.
In the Itwari wholesale market, the soyabean oil is being quoted at Rs 2,250 per 15 kilogram (kg) tin, palm oil is being quoted at Rs 1,700 per 15 kg tin, groundnut oil prices are being quoted at Rs 2,725 for 15 kg tin, and rice bran is being quoted at Rs 2,150 per 15 kg tin, while sunflower oil is priced at Rs 2,300 for 15 litre tin, sources mentioned.
The new produce of soyabean seed has already started to arrive in some markets of Gujarat. The opening rates of soyabean seed are being quoted at Rs 4,500 per quintal, whereas the Minimum Support Price (MSP) at Rs 4,300 per quintal. This season the soyabean crop is expected to be good due to ample rains throughout the country.
It is expected that the soyabean oil packet prices will not go above the Rs 155 per litre level as there is ample supplies coming in the market to contain the prices from rising.
Another factor to keep prices under check would be arrival of the new soyabean seed produce in the local wholesale market by next week, sources said.