Mustard Oil Price: Talking about the rise in the price of domestic edible oils in a year, the price of mustard oil has increased from Rs 85-90 to Rs 120-125 per kg.
Speed in edible oils price
Holi preparations are going on all over the country. This festival of color and gulal is also known for its beautiful and delicious dishes. On the day of Holi, many types of dishes are made including pua, puri, parikiya, vada. However, frying the dish on Holi is going to be expensive this time. The reason is the rise in the price of edible oil.
The prices of edible oils are up to 80 per cent higher in the domestic market compared to last year. The reason for the increase in their prices is being said to be a huge boom in the international market. Due to this, the pressure of new mustard crop in the domestic market is also not being made on the prices of domestic edible oils. Farmers are getting higher price for the crop. At the same time, the burden is falling on the common man’s pocket.
Importers are also avoiding large-scale import of edible oils. According to the Business Standard report, imports of edible oils fell by 27 per cent to 7.96 lakh tonnes in February. During the November-February period of the current year, imports have fallen by 3.7 per cent.
Increased price in international market
During the last one year, the rate of RBD palmolein has increased from $ 590 to $ 1,100 in the international market. At the same time, the price of crude palm oil has increased from $ 580 to $ 1120 per ton.
Imported RBD palmolein in the domestic market is growing by 70 percent at Rs 120-125 per kg. At the same time, crude palm oil is selling 80 per cent to Rs 117 to Rs 117 per kg. The rise in imported edible oils has also affected the price of domestic edible oils.
Refined soya and mustard oil became so expensive
Talking about the rise in the price of domestic edible oils in a year, the price of mustard oil has increased from Rs 85-90 to Rs 120-125 per kg. At the same time, refined soya oil has increased from Rs 80-85 to now being sold at Rs 125-130 per kg.
Prices of peanuts and sunflower oil have also increased. Its price has increased by about 30 per cent to Rs 155-160 and sunflower oil prices are more than doubled to Rs 185-190 per kg.
Crop weak in palm producing country
According to Lakshmichand Aggarwal, president of the Central Organization for Oil Industry and Trade (Cooit), in the case of edible oils, India is dependent on imports. But in the international market, the price of edible oils being doubled to double the cost is also affecting the domestic market of the country. The reason for the rise in the prices of edible oils in the international market is being attributed to weak crop and betting in main palm producing countries Malaysia and Indonesia.
Edible oil prices are unlikely to decrease at the moment
According to Anuj Gupta, deputy vice president of Angel Broking, soybean is not being sown properly in the US due to the adverse weather with the palm crop being weak. This is also one of the reasons for the rise in edible oils. The effect of the rise in edible oils is that mustard oil is not getting cheaper even though the yield of mustard is high. Traders say that there is no possibility of a big fall in the prices of edible oils going forward.
Also read: Farmers’ bat-bat, mustard at record height in terms of price, will government procurement be reduced?