Sluggish demand pulls down soyabean oil prices
   Date :17-Mar-2023
soyabean oil prices
Business Bureau
THE soyabean oil prices have cooled down because of sluggish demand in the wholesale market. Edible oils prices of almost all the varieties except groundnut oil have dropped by Rs 100 to Rs 150 per 15 kg tin, as compared to prices of the previous month. Traders project that the prices will remain under immense pressure throughout the months of March and April. This was disclosed by Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Pvt Ltd, while speaking to The Hitavada.
Thakkar further said that the new crop of soyabean from Brazil will be coming in the international market in the month of April. Brazil is one of the largest producer and supplier of soyabean oil in the world. It is estimated that Brazil is having bumper production of the soyabean crop this year. With the arrival of soyabean crop in bulk quantities in the international market would put pressure on the prices in the domestic market. India imports about 60 to 70 per cent of the soyabean oil to meet its domestic demand.
In the wholesale market, the prices of edible oils: soyabean oil at Rs 1,830 per 15 kg tin, as compared to previous month prices at Rs 1,950 per 15 kg tin, palm oil at Rs 1,650 per 15 kg tin, as compared to Rs 1,550 per 15 kg tin, mustard oil at Rs 1,850 per 15 kg tin, as compared to Rs 2,000 per 15 kg tin and rice bran oil at Rs 1,725 per 15 kg tin, as compared to Rs 1,850 per 15 kg tin. In retail, the soyabean oil price of 1 kg pouch is at Rs 125 to Rs 130.
However, groundnut oil prices are moving in the opposite direction and have risen by Rs 150 per 15 kg tin. The groundnut oil prices are being quoted at Rs 2,850 per 15 kg tin, as compared to previous month prices at Rs 2,700 per 15 kg tin.
Thakkar said that the groundnut oil prices are not coming down as China is exporting the groundnut oil from Gujarat in huge quantities. The Government should ban export of groundnut oil from India. This move would increase the supply of groundnut oil in the domestic market and also reduce the prices. At present groundnut oil is at record high levels and out of reach of most households.