Good news! Edible oil has become cheaper, know the price of any oil 2023

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According to sources, the use of indigenous oilseeds is also necessary as it provides sufficient quantity of oil meal and oil meal (DOC) for use as animal feed and poultry feed.

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Malaysia is in a bearish trend on the exchange Delhi Oilseeds Market Almost all on Tuesday Edible oilseeds Prices have fallen while groundnut oilseeds prices have remained unchanged due to exports and domestic demand . Market sources said the Malaysian exchange fell 3.5% and the Chicago exchange was almost unchanged. Last night it closed with a very healthy profit. Importing soybean oil is getting cheaper and cheaper. In addition, oil prices also fell due to the depreciation of the dollar and the depreciation of the rupee.

If imported oil prices remain low, farmers will have a large supply of oilseeds and the demand for mustard will drop by almost half, sources said. The price of imported oil last year was very high. Because the price of mustard is low compared to those oils, enough refined mustard oil is produced to help reduce imported oil inflation, so both demand and consumption of mustard are good. But if the price of cheap imported oil remains unchanged, mustard consumption will be only half of last year’s.

The logical benefit of fall is also absent

According to sources, when domestic cooking oil prices rose, all the media along with the government started monitoring the market, but when the market exploded abroad, no one listened. Duty-free imports under the quota system still apply when farmers’ new crops are brought to market, and there is no information about this anywhere. Consumers are not receiving adequate benefits from falling oil prices under the guise of maximum retail price (MRP) in the market.

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Cannot be autonomous in production

In such a situation, the situation of farmers and the oil industry is very bad. Previously, duty-free imports of cooking oil under quotas were applicable to suppliers to the Public Distribution System (PDS). No one will benefit from this quota system and the oil industry, oilseed growers and consumers in general will be worse off. According to sources, the situation remains the same despite efforts over the past 30-32 years and if this situation continues, the country will never be able to become self-reliant in oil and oilseed production.

Prices of peanut oil and oilseeds remained unchanged

According to sources, the use of indigenous oilseeds is also necessary as it provides sufficient quantity of oil meal and oil meal (DOC) for use as animal feed and poultry feed. The lack of consumption of indigenous oilseeds has led to oilseed shortages and milk prices have skyrocketed several times in the past few months. According to sources, prices of peanut oil and oilseeds did not change due to exports as well as domestic food demand.

About 60% depends on imports

He said that it is a strange paradox that a country (India) that depends on imports for nearly 60% of its edible oil requirements is facing a crisis of closure of local crushers . There is another contradiction: although domestic oil and oilseed production is increasing, why is import increasing? The country’s edible oil imports were around 1 crore 31.3 lakh tonnes till November 2021, increasing to around 1 crore 40.3 lakh tonnes by November 2022.

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2 million tons may increase

He said, doesn’t this fact show that our country’s oils and oilseeds are not consumed on the market? Employment conditions in our oils and oilseeds business will also be affected by increased import dependence. This year, he said, imports could also increase by about 2 million tons.

Oil and oilseed prices were as follows on Tuesday

Oily mustard seeds are priced at Rs 6,735-6,785 per quintal (conditional rate 42%).
Groundnuts cost 6,685-6,745 Rs/quintal.
Groundnut oil mill delivery (Gujarat) Rs 15,800 per quintal.
Refined groundnut oil costs Rs 2,495-2,760/box.
Dadri mustard oil – Rs 13,400/quintal.
Pakki Ghani Mustard – Rs 2,040-2,170 per box.
Sarisa Kachi Ghani – Rs 2,100-2,225 per box.
The sesame oil factory delivered 18,900-21,000 Rs/quintal.
Soybean oil mill delivery in Delhi – Rs 13,350/quintal.
Indore soybean mill delivery – Rs 13,250 per quintal.
Degem, Kandla soybean oil – Rs 11,650/quintal.
CPO X-Kandla – Rs 8,500/quintal.
Cotton seed mill delivery (Haryana) – Rs 12,000 per quintal.
Palmolin RBD, Delhi – Rs 10,250/quintal.
Palmolin X- Kandla – Rs 9,200/quintal (excluding GST).
5,625-5,725/quintal of soybeans.
Loose soybeans – Rs 5,370-5,390/quintal.
Corn channel (Sariska) – Rs 4,010/quintal.