New Delhi . Despite the projected increase in mustard production in the country, there is no scope for consumers to get relief from the inflation of edible oil. The prices of all the food oils are touching the sky. Prices continue to rise due to the low global supply of oil and oilseeds. The price of the cheapest crude palm oil has risen 89 percent in the last 10 months. Due to the increase in the price of palm oil, there has also been a strong jump in the prices of other edible oil. Experts say that only after the arrival of the new mustard crop, there will be relief.
Prices sprung on the futures market-
Crude palm oil March futures rose by Rs 1,072 per 10 kg on the futures market Multi Commodity Exchange, which is 89 times faster than the one-year low. CPO futures were broken by Rs 567.30 per 10 kg in 2020. At the same time, the wholesale price of palmolein RBD was Rs 68 per kg, which increased to Rs 116 per kg. Soya oil costs Rs 118 and sunflower oil is Rs 157 per kg.
Chances of early relief are low-
At present, the wholesale price of raw condensed mustard oil in the country is running at Rs 125 per kg. Inflation of edible oil before April is less likely. Davish Jain, chairman of the Soybean Processors Association of India, said edible oil prices have gone up significantly, making imports expensive. Until the new mustard crop lands in the market, there is little chance of a fall in the price.
Due to this, the price of oil is increasing.
Dr. BV Mehta, executive director of the Solvent Extrater Association of India, says that edible oil prices are seeing a steady rise in the international market, as support is being supported by a shortage in supply. Global production of sunflower is at a low level. Rapeseed production is low. Palm oil production in Malaysia did not increase as much as it should. There has been a delay in the arrival of new crops in Argentina and Brazil. Mustard crop has also been delayed by 20 days in India.