Oil prices such as mustard, soybean oilseed, cottonseed, CPO and palmolin were sharply closed on the Delhi oil-oil market on Saturday after the government increased the import duty on edible oils. The tariff value of the CPO was Rs 232 and the soybean digam was Rs 58 per quintal. Market sources said this has intensified the domestic oil and oilseed market. Oil industry people have said that a 4.5 percent increase in soybean degum on the Chicago Exchange last night caused a circuit-break.
The wholesale price in the market is as follows (Price – Rs. Per quintal)
- Mustard Oils – 6,985 – 7,035 (42% conditional price) Rs.
- Peanut Dana – 6,385 – 6,430 Rs.
- Distribution of Peanut Oil Mill (Gujarat) – Rs 15,600
- Peanut solvent refined oil costs Rs 2,495 – Rs 2,555 per tin.
- Mustard Oil Dadri – Rs 14,000 per quintal
- Mustard Pakki Ghani – Rs 2,110 -2,190 per tin.
- Mustard Raw Ghani – Rs 2,290 – Tin Rs 2,320
- Sesame Oil Mill Distribution – 16,000 Rs – 18,500.
- Soybean Oil Mill Distribution Delhi – Rs 15,400
- Soybean Mill Distribution Indore – Rs 15,000
- Soybean Oil Digam, Kandla – Rs 14,100
- CPO Ex-Condla – Rs 12,100.
- Cotton Seed Mill Distribution (Haryana) – Rs 14,650
- Palmolin RBD, Delhi – Rs 14,000
- Pamolin X- Condla – 12,900 (without GST)
- Soyabean Grain 7,270 – 7,370 Rupees: Soybean Loss 7,170 – 7,220 Rs.
- The Makkah Khal is worth Rs 3,800.
He said there was a shortage of light oils (Suraj Mukhri and Soyabean) abroad. There is a huge demand for mustard oil locally and it is adulterated free. The increase in dimensional tariffs also impacted on other food oil prices in the country and stopped the return on other oil prices, including cotton seed. Mustard is in great demand at Saloni Mandi in Agra and is being bought at Rs 7,500 per quintal.
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Agriculture Minister Narendra Singh Tomar has stressed the need for the country to be self-sufficient in terms of oilseeds. The way farmers get the price of their oilseed products is likely to increase the production of future oilseeds in the country. Soybean oil-oilseed prices have registered good gains due to heavy exports and domestic demand for oil-free oil (DOC), including soybean and mustard. Merchants and oil mills do not have an inventory of soybean oils, which further speeds up. CPO and Palmolin oil prices show gains due to an increase in the value of import tariffs. Oil traders said that the delivery of about 40,000 tonnes of soybean degam deals in Vasant City, Agra, has been a huge loss to many traders due to discussions over the market. The remaining oil and oilseeds prices also closed at the eastern level.