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. The reason for the decline in the soyabean oil prices can be attributed to lower demand in the domestic market coupled with massive fall in edible oil prices in the international market. Currently, the soyabean oil is imported from Brazil and Thailand to meet the shortfall in domestic demand.

 

At present, in the wholesale market, the soyabean oil price is being quoted at Rs 1,560 per 15 kg tin. Earlier about 15 days ago, soyabean oil was quoted at Rs 1,530 per 15 kg tin, a marginal increase of Rs 30 per 15 kg tin. Similarly, sunflower oil price is being quoted at Rs 1,560 per 15 litre tin, as compared to Rs 1,530 per 15 litre tin 15 days ago. Also, rice bran is being quoted at Rs 1,450 per 15 kg tin, as compared to Rs 1,430 per 15 kg tin 15 days ago and palm oil at Rs 1,490 per 15 kg tin, compared to Rs 1,430 per 15 kg tin 15 days ago.

 

Apart from this, groundnut oil price is being quoted at Rs 2,600 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, as it is being exported in huge quantities to China, 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 record quantity of palm oil from Thailand, soyabean oil from Brazil and Argentina and sunflower oil from USSR and Ukraine.

 

At present, in the United States of America (USA) which is one of the largest soyabean crop producers in the world, the sowing season of soyabean crop is late by one month due to delay in rains. The situation in India is also similarly and also late by one month affecting the seeding season. According to Thakkar, the edible oil prices except groundnut oil have hit their lowest levels about 15 days ago. He suggests that the edible oil prices will remain in a narrow range in June and July until the festive season begins from August.