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Prices Of Edible Oil To Remain Bearish

Prices of edible oil, except groundnut oil, will follow a downtrend due to sluggish demand and oversupply in the market. The prices of soya bean oil are bearish due to negligible demand in the regional market, along with a significant decline in prices of edible oil in the global market. At present, the imports of soybean oil come from Brazil and Thailand in order to fulfil regional demand.

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Oil Prices

Currently, the price of soya bean oil in the wholesale market is INR 1,560 per 15 kg tin, slightly higher by INR 30 from the previous INR 1,530 per 15 kg tin. Likewise, the price of sunflower oil settled at INR 1560 per 15-litre tin, In contrast to the previous INR 1530. In addition, prices of rice bran oil are settled at INR 1450 per 15 kg tin compared to the previous INR 1430 per 15 kg tin. Also, palm oil prices settled at INR 1490 per 15 kg tin in comparison to the previous INR 1430 per 15 kg tin.

In spite of these developments, the price of groundnut oil has settled at INR 2,600 per 15 kg tin, which is not a significant change from its pre-existing range of INR 2600 to INR 2800 per 15 kg tin. This is because it is heavily exported to China. At present, the oil market, both regionally and globally, is under pressure due to seasonal changes, which have an effect on the seeding season.

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According to the article by Procurement Resource, regional prices of edible oil in the wholesale market in India are under pressure except for groundnut oil which has remained stable due to it being exported to China. The oil market will remain under pressure in India as well as The US due to seasonal changes which have had an impact on the seeding season. The price of groundnut oil can be attributed to the lack of supply caused by the cyclone situation.