The government’s move to reduce import tariffs on imported edible oils in the country led to a drop in the price of soybean and cottonseed in the Delhi oil-and-oil market on Friday. However, soybean oilseeds and mustard oilseeds have recorded an improvement in demand for non-oil (DOC). Traders said the government had reduced the import duty (including 10 per cent) of soybean degam and sunflower oil by about 8.25 per cent. Import tariffs, including surcharge, have been reduced from 38.5 per cent to 30.25 per cent. This led to a drop in the price of soybean oil. Experts say neither consumers nor farmers take advantage of the import tariff reduction here. Sources said the import tariff has been cut by 7.5 per cent and the oil price in the market has fallen by Rs 1 per kg. He believes the move will result in a loss of revenue for the government because oil prices abroad are more expensive.
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Prior to the announcement of the import tariff reduction, there was a one per cent decrease in the Malaysia exchange, which is nearly half a percentage point higher following the tariff reduction announcement. With this, the Chicago Exchange is also currently half-strong. Following the announcement of the import tariff reduction, the price of crude palm oil improved due to improvements in the Malaysian market, with palmolin oil prices closing at a higher level due to weak demand. According to sources, the government should focus on increasing the production of oilseeds rather than increasing the import duty on oilseeds.
Trend in wheat and rice prices
Prices of wheat and rice in the wholesale and retail markets of the country have shown a declining trend compared to a year ago till August 16 this year. The government said Friday that interference in the market was the reason for the decline. The retail price of rice is Rs. 35.92 per kg.
The wholesale price of rice is also Rs. It fell 2.17 per quintal to 3,030.6 from 3,097.88. In the case of wheat, retail prices fell 2.18 per cent to Rs 26.52 per kg on August 16 from Rs 27.11 per kg. The wholesale price of wheat fell by 2.82 per quintal to Rs 2,258.05 from Rs 2,323.52 per quintal.
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The wholesale price in the market is as follows – (Rs. Per quintal)
- Mustard Oilseeds – 8,000 – 8,075 (42 per cent conditional price) Rs.
- Shanga – 6,620 – Rs 6,765.
- Groundnut Oil Mill Distribution (Gujarat) – Rs 15,100
- Peanut solvent refined oil Rs 2,330 – 2,460 per tin.
- Mustard Oil Dadri – Rs 16,570 per quintal
- 2,555 -2,605 for each tin of Sarson Pakki Ghani.
- Sarson Kachi Ghani – Rs 2,640 – Rs 2,750 per tin.
- Distribution of Sesame Oil Mill – Rs 15,100 – 17,600.
- Soybean Oil Mill Delivery Delhi – Rs 15,100
- Soybean Mill Delivery Indore – Rs 15,000
- Soybean Oil Decam, Kandla – Rs 13,650
- CPO X -Condla – Rs 11,950
- Cottonseed Mill Delivery (Haryana) – Rs 14,500
- Palmolin RBD, Delhi – Rs 13,750
- Palmoline X- Condla- 12,600 (without GST)
- Soybean grain 9,150 – 9,250, soybean loose Rs 8,900 – 8,950
- Makka Khal (Sariska) Rs