According to market experts, with the approaching of the festival, there is an increase in the demand for edible oil, which is affecting the prices of edible oil.
Edible oil prices increased
There has been an upward trend in the wholesale prices of edible oil today. Today’s rise in prices is due to the signals received from overseas markets as well as due to increased demand during festivals. According to market experts, almost all edible oil prices in Delhi Oil Oilseeds market on Tuesday showed a correction trend due to strong trend in overseas markets and increasing demand. Traders said that the demand for edible oils has increased due to the approaching Diwali festival, due to which the prices of most of the edible oils in Delhi Oilseeds Market have closed with an increase.
Which signals have an effect on wholesale prices
Market sources said that the Malaysia Exchange gained three percent on Tuesday. At the same time, the Chicago Exchange was also up two percent last night. At present it is trading with a gain of one percent. At the same time, the government on Tuesday increased the minimum support price (MSP) of mustard and sunflower by Rs 400 for the current crop marketing year. Now the price of mustard has increased to Rs 5,450 per quintal. According to a statement by the government, this decision was taken to boost the production and income of the farmers.
Retail prices also remained under pressure
According to sources, till the government does not remove the quota limit of 2 million tonnes on the import of sunflower oil, the supply of this oil will remain low and its prices will remain high. He said that this decision of the government is causing loss of revenue. Also, consumers have to pay about Rs 20-30 more per liter for sunflower oil. Sources say that the government should abolish the import limit of sunflower and soybean degum or impose duty as before.
where did the price reach
Mustard oilseeds above Rs 7000 per quintal today, groundnut at Rs 7210 per quintal, sarson pakki ghani Rs 2360 per tin, sarson kachchi ghani Rs 2415 per tin, CPO X Kandla Rs 8600 per quintal, palmolein reached the level of Rs 10200 per quintal .