‘Edible oil prices to remain flat during festive season’
    Date :25-Aug-2022

oil prices 
 
 
Business Bureau
ALTHOUGH there is uptick in demand for edible oils due to festive season their prices are likely to remain steady till the new crop arrives in October-November period.
“The global edible oil prices have declined sharply because of improved supplies and are expected to cool down domestic retail prices,” said Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Pvt Ltd, Itwari while speaking to The Hitavada.
City based traders expect the edible oil prices to remain flat during the festive season with improved supplies in the international market. Now, housewives may get a sigh of relief as they would not have to shell out more money from their purses to buy one of the most essential kitchen item and without disturbing their monthly budgets.
The edible oil prices across all varieties flared up in March-April and reached record high levels on account of lower production in the international market coupled with the Russia-Ukraine conflict, Thakkar said.
He said that the decision by Indonesia to lift the ban on exports last month has improved global supplies and has lowered the prices in the domestic market.
Apart from this, exports of crude sunflower from Ukraine have commenced using the Poland land route.
In wholesale market, the edible oil prices have dropped across various varieties. The soyabean oil prices are being quoted at Rs 2,130 to Rs 2,140 per 15 kg tin, palm oil is being quoted at Rs 1,950 per 15 kg tin, groundnut oil at Rs 2,400 per 15 kg tin, rice bran is being quoted at Rs 2,150 per 15 kg tin and sunflower oil is priced at Rs 2,400 for 15 litre tin, he mentioned.
With better supplies and softening of prices in the international market the leading domestic edible oil manufacturers have also decided to slash prices, he said.
India is mostly dependent on international oil prices as imports constitute more than 60 per cent of the domestic consumption requirement in a year. The total domestic consumption is about 2.10 lakh tonne to 2.15 lakh tonne per year. While domestic production is 90 lakh tonne to 95 lakh tonne whereas the imports are nearly 1.15 lakh tonne annually, he said.