The edible oils prices, excluding groundnut oil, seem to be under pressure on account of lower demand and good supplies in the wholesale market, said Rajesh Thakkar, Director of Shantilal Oils Pvt Ltd, Itwari and President of Oil Merchants Association while speaking to The Hitavada.
Thakkar further said that there are various factors for the decline in the soyabean oil prices like scanty demand in the domestic market coupled with steep drop in edible oil prices in the international market. At present, the soyabean oil is imported in bulk quantities from major soyabean producing countries like Argentina, Brazil and US to meet the shortfall in domestic demand. Similarly, palm oil is being imported in huge quantities from Thailand, Malaysia and Indonesia.
At present, in the wholesale market, the soyabean oil price is being quoted at Rs 1,550 per 15 kg tin. Earlier in the month of July, soyabean oil was quoted at Rs 1,560 per 15 kg tin.
Similarly, sunflower oil price is being quoted at Rs 1,560 per 15 litre tin. Also, rice bran is being quoted at Rs 1,540 per 15 kg tin and palm oil is being quoted at Rs 1,400 per 15 kg tin. Apart from this, groundnut oil price is being quoted at Rs 2,650 per 15 kg tin. The prices of groundnut oil has not changed much during the entire season and have remained in the range of Rs 2,600 to Rs 2,800 per 15 kg tin, he added.
A large number of branded edible oil companies sell soyabean oil, rice bran oil and sunflower oil in 1 litre packets.
In the wholesale market, the 1 litre soyabean oil packets are available at Rs 100 per litre.
Thakkar added that edible oil prices are under huge pressure as India has imported bulk quantity of palm oil from Thailand.
Accordingly, soyabean oil has been imported from Brazil and Argentina and US in the months of July, August and September. Also, sunflower oil is being imported from USSR and Ukraine.
According to Thakkar, the edible oil prices except groundnut oil have hit their lowest levels in the June and July. He suggests that the edible oil prices will remain in a narrow range for another month.