new Delhi. The inflation of edible oil is becoming uncontrollable. Prices of all edible oils are at record highs and prices are not expected to soften. The rise in the price of edible oil has come due to supply shortage in the global market against the demand for oil and oilseeds. India imports about two-thirds of its edible oil needs and oil prices are constantly skyrocketing due to imports being expensive. Because of which the budget of the common people has deteriorated.
Palm oil price rise
On the Multi Commodity Exchange on Tuesday, the price of crude palm oil in January futures contract rose to Rs 941 per 10 kg, which is close to the record level. On November 19 last month, the CPO price on MCX had risen to Rs 948.8 per 10 kg. Whereas today, at present, the price of palm oil is trading at Rs 945.70 per ten kg with a price of Rs 6 per ten kg at 11.40 am.
Mustard oil prices on the sky
The wholesale price of mustard oil, crude ghani, was Rs 1173 per 10 kg in Jaipur on Monday, the wholesale price of soy oil at Kandla Port was Rs 1115 per 10 kg, RBD was Rs 1010 per 10 kg, sunflower oil was Rs 1290 per 10 kg. Experts say that soybean and RBD are at the highest level, which is also affecting other edible oils.
Why has the boom come?
Davish Jain, chairman of the Soybean Processors Association of India, said that the price of edible oil in the country is being seen as the international market is booming. He said that due to the weather not being favorable, the production of all oilseeds has decreased this time around the world, due to which the supply is less than the demand. Therefore edible oil prices are at a high level.
India commits 65 per cent
Jain said that India imports around 65 per cent of the edible oil requirement, hence the rise in the price of oil-oilseeds in the foreign market has led to an increase in the price of oil in the domestic market. However, he said that after two months the new crop of South American countries is going to come and if the crop is good, then the price of oil may come down slightly.
The real reason for increasing the price
India imports soy oil from Argentina and experts say that sowing has been delayed due to the hot weather in Argentina. Salil Jain of Mumbai, an edible oil market expert, said that sowing has been delayed due to hot weather in Argentina and also due to hot weather in Brazil may affect production. He said that due to the strike in Argentina and the surge in KLC, there was a tremendous rise in soybean on the seabot last week. In Argentina, the price of soy oil rose by $ 100 per ton in the last 15 days due to the crushing stopped due to the workers’ strike. Soybean prices in the international market are at a high level after 2014.