The edible oil prices after touching record levels in March and April have dropped significantly on account of weak demand by the consumers, which resulted in containing prices from flaring up. For example: The soyabean oil price is now being quoted at Rs 2,000 for 15 kg tin (Rs 135 per kg), as compared to Rs 2,700 for 15 kg tin (Rs 180 per kg) in the month of April, a sharp fall of Rs 700 (Rs 45 per kg).

“After Ganesh Chaturthi and Mahalaxmi celebrations edible oils are witnessing sluggish demand. The slow demand for edible oils has restrained prices from rising,” said Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Pvt Ltd, Itwari while speaking to The Hitavada.

Sources in the market anticipate that the demand for edible oils would pick up after 10 days when the Durga Poja celebrations begin from September 26. At that time, the edible oil prices could shoot up for a brief period.

Highlighting the new crop arrivals which usually start from Dushera would be late by another 15 days due to delayed rainfall this season. As the new produce of soyabean arrives in the markets there would be pressure on the prices. The prices of soyabean oil could fall by another Rs 50 to Rs 100 per quintal at the most from the current levels in the wholesale market, sources pointed out.

The edible oil prices across all varieties flared up in March and reached record high levels on account of lower production in the international market coupled with the Russia-Ukraine conflict, another source said.

In the wholesale market, edible oils like soyabean oil is being quoted at Rs 2,000 for 15 kilogram (kg) tin, palm oil is being quoted at Rs 1,650 per 15 kg tin, groundnut oil prices are being quoted at Rs 2,700 for 15 kg tin and rice bran is being quoted at Rs 2,000 per 15 kg tin, while sunflower oil is priced at Rs 2,300 for 15 litre tin, sources mentioned.

In retail, soyabean oil is available at Rs 130 to Rs 145 per litre, groundnut oil at Rs 185 per litre, rice bran at Rs 135 per kg to Rs 145 per kg and sunflower oil at Rs 160 per litre, sources said. “India is dependent on international oil prices as imports constitute more than 60 per cent of the domestic consumption requirement in a year. India’s total domestic consumption is estimated at 2.10 lakh tonne to 2.15 lakh tonne per year. While domestic production is 90 lakh tonne to 95 lakh tonne whereas imports are at 1.15 lakh tonne annually,” Thakkar added.