The edible oil prices are expected to fall in the coming week due to huge supply of the new produce coming in the market and record high imports in the months of December and beginning of January. On account of these factors, the edible oil prices have dropped by Rs 100 per 15 kg tin as compared to one month ago prices in the wholesale market. This was revealed by Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Pvt Ltd, Itwari while speaking to The Hitavada.
Thakkar further said that this seasons soyabean crop is estimated to exceed previous seasons production by a good margin which would put pressure on the prices. At present, the soyabean oil is being imported from Argentina and Thailand to meet the shortfall in domestic demand.
In the wholesale market, the soyabean oil prices are being quoted at Rs 2,100 per 15 kg tin, as compared to Rs 2,200 per 15 kg tin one month ago. Similarly, rice bran is being quoted at Rs 2,000 per 15 kg tin, compared to Rs 2,100 per 15 kg tin, mustard oil at Rs 2,100 per 15 kg tin, compared to Rs 2,250 per 15 kg tin one month ago and palm oil at Rs 1,600 per 15 kg tin, compared to Rs 1,700 per 15 kg tin one month ago. On the other hand, groundnut oil is being quoted at Rs 2,670 per 15 kg tin, as compared to one month ago at Rs 2,620 per 15 kg tin, a rise of Rs 50 per 15 kg tin.
A major reason for the rise in groundnut oil prices is a result of China buying the crop in bulk quantities from Gujarat, one of the major groundnut growing States in the country, said sources in the market.
Thakkar said that edible oil prices are under pressure as India has imported record 11 lakh tonne of palm oil from Thailand, 5 lakh tonne soyabean oil from Argentina and 4 lakh tonne of sunflower oil from USSR and Ukraine.
Another source said that the soyabean oil prices would be under enormous pressure and may fall as the new crop from Brazil is expected to hit the international market in March-April.