10:22 PM
Edible oil prices at three-year low in wholesale market
HEAVY import of edible oils from Brazil. Argentina. Indonesia and Malaysia has resulted in the prices nosediving to a three-year low in the wholesale market. Also, there is ample stock of edible oils lying at the pons. Furthermore, there is not much demand in the local markets after Ramzan festival. "Edible oil prices have hit a three-year low due to arrival of huge quantity of imports," said Rajesh Thakkar. Secretary of Oil Merchants Association. Nagpur in a talk with The Hitavada on Monday.
According to Thakkar. some importers had deferred their purchases or refused to take delivery due to which large quantity of edible oil stock was lying at ports. This stock was eventually sold to others at discounted prices. India is the third largest importer of edible oils in the world. Moreover, imports meet 60 per cent requirement of the nation's consumption. Thakkar said: "Within a few days the prices of edible oils have fallen the steepest compared to one month ago." He highlighted that wholesale prices of edible oils compared to one month ago are as follows: Soyabeen Rs 1.070 for 15 kg (Rs 1.170). palm oil Rs 930 to Rs 935 for 15 kg (Rs 1.000). Sunflower Rs 1,010 for 15 liters (Rs 1,070) and Vanaspati Rs 850 for 15 Hires (Rs 900). Currently, groundnut oil prices are stable at Rs 1.310 for 15 kg in the wholesale market.
Soybean has turned out to be the most preferred cooking oil by consumers. Moreover, it is estimated that about 150-200 tonnes of soyabeen oil is sold in the wholesale market on a daily basis in the city and surrounding areas.
"Most consumers arc price-conscious and soyabean offers good quality and taste at affordable prices. " he pointed out. Sharad Bhangdia. oil merchant and owner of Madhav Traders said that the prices of edible oils had fallen due to huge imports flooding the Indian markets. "Bumper crop in major soyabeen-producing countries like Argentina. Brazil. Ukraine. Malaysia and Indonesia coupled with less internal demand has worsened the situation pushing the prices lower." he said. Such prices were witnessed in 2008-09. Prashant Duchakke. Executive Director of Rasova Proteins said that bumper production of soyabeen crop and limited demand had brought down prices of edible oils in the country. "It is believed that the prices have bottomed out and may not go down any further until the new crop arrives in the market during November." he added.
According to Thakkar. some importers had deferred their purchases or refused to take delivery due to which large quantity of edible oil stock was lying at ports. This stock was eventually sold to others at discounted prices. India is the third largest importer of edible oils in the world. Moreover, imports meet 60 per cent requirement of the nation's consumption. Thakkar said: "Within a few days the prices of edible oils have fallen the steepest compared to one month ago." He highlighted that wholesale prices of edible oils compared to one month ago are as follows: Soyabeen Rs 1.070 for 15 kg (Rs 1.170). palm oil Rs 930 to Rs 935 for 15 kg (Rs 1.000). Sunflower Rs 1,010 for 15 liters (Rs 1,070) and Vanaspati Rs 850 for 15 Hires (Rs 900). Currently, groundnut oil prices are stable at Rs 1.310 for 15 kg in the wholesale market.
Soybean has turned out to be the most preferred cooking oil by consumers. Moreover, it is estimated that about 150-200 tonnes of soyabeen oil is sold in the wholesale market on a daily basis in the city and surrounding areas.
"Most consumers arc price-conscious and soyabean offers good quality and taste at affordable prices. " he pointed out. Sharad Bhangdia. oil merchant and owner of Madhav Traders said that the prices of edible oils had fallen due to huge imports flooding the Indian markets. "Bumper crop in major soyabeen-producing countries like Argentina. Brazil. Ukraine. Malaysia and Indonesia coupled with less internal demand has worsened the situation pushing the prices lower." he said. Such prices were witnessed in 2008-09. Prashant Duchakke. Executive Director of Rasova Proteins said that bumper production of soyabeen crop and limited demand had brought down prices of edible oils in the country. "It is believed that the prices have bottomed out and may not go down any further until the new crop arrives in the market during November." he added.
Posted in: News 2014
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