Mustard oil has become cheaper, check the price of 1 liter of oil quickly
In the oil-oilseeds markets across the country last week, except mustard oil oilseeds, prices of almost all oil-oilseeds closed showing improvement due to a record rise in the prices of imported oils amid a rise in foreign markets. The prices of mustard oil and oilseeds declined due to increase in arrival of new mustard crop.
Imports 60 percent
Traders said India imports around 60 per cent of its share to meet its edible oil requirements. Rising geopolitical tensions between Ukraine and Russia have pushed up the prices of these oils on fears that the supply of edible oils, among other important commodities, will be affected.
Mustard oil is 30-40 rupees expensive
Let us tell you that the prices of foreign oils are already touching the sky. The prices of crude palm oil and palmolein oils have reached a record level and the price of mustard in indigenous oils used to be about 30-40 rupees more than the rest of the oils. Now the price of mustard has come down by about Rs 5-7 per kg in comparison to those imported oils. The prices of imported oils like CPO and Palmolein are skyrocketing and interestingly, the buyers are also low. In such a situation, who will take the risk of importing these oils when domestic oils are cheaper than imported oils.
Mustard is more consumed in North India
Sources said that in North India, there is more consumption of mustard but in Tamil Nadu, Andhra Pradesh, Kerala, Maharashtra and Gujarat there is more consumption of other oils like sunflower, soybean, cottonseed, groundnut. Mustard may meet the needs of North India to some extent, but as the war escalates, imports of other edible oils like sunflower and soybean degum may be affected.
Mustard is difficult to get at MSP
On behalf of the government, cooperative institutions – Hafed and Nafed, should pay attention to making a stock of mustard by buying mustard at market price, which can be helpful for us in difficult times. When the prices of imported oils are expensive, it is difficult to get mustard at the minimum support price (MSP) in such a situation. To fulfill the objective of supporting the poor, the government can prove to be a better step to make available edible oil to the poor people through Public Distribution System (PDS) instead of adopting the routes like duty reduction.
Mustard oil becomes cheaper
Sources said that after increasing arrival of new mustard crop in the mandis, the price of mustard seeds fell by Rs 150 to Rs 7,500-7,725 per quintal last week from Rs 7,650-7,675 per quintal last weekend. The price of mustard seed oil declined by Rs 175 to Rs 15,225 a quintal in the reporting weekend, down by Rs 175 from the previous weekend. On the other hand, mustard, Pakki Ghani and Kachi Ghani oil fell by Rs. 30 each to Rs. 2,245-2,300 and Rs. 2,445-2,550 per tin, respectively. On the other hand, soybean grains and soybean loose prices closed at Rs 7,500-7,550 and Rs 7,200-7,300 per quintal, respectively, with a correction of Rs 325 and Rs 175, respectively, during the weekend under review, sources said.
Soybean prices improve
Soybean oil prices also improved in the week under review. Soyabean Delhi, Indore and Soyabean Degum prices closed at Rs 16,400, Rs 16,000 and Rs 15,200 per quintal, showing a correction of Rs 800, Rs 500 and Rs 850, respectively.
Groundnut rates improved
Groundnut grain prices improved by Rs 50 to Rs 6,425-6,520 per quintal in the week under review, while groundnut oil Gujarat and groundnut Solvent improved by Rs 550 and Rs 120, respectively, to Rs 14,250 per quintal and Rs 2,475-2,660. Closed at Rs.
Check Latest Rates
Crude palm oil (CPO) and palmolein oil prices also improved significantly during the weekend under review. The CPO price rose by Rs 1,000 to close at Rs 14,100 a quintal. The price of Palmolein Delhi also improved by Rs 1,350 to Rs 16,000 and Palmolein Kandla improved by Rs 1,250 to close at Rs 14,800 per quintal. Cottonseed oil also closed at Rs 14,800 per quintal showing an improvement of Rs 800.
