Edible Oil Price: In this festive season, the prices of edible oil can come down drastically. There has been a fall in the prices of edible oil in the international markets. Palm oil prices have fallen to one-year lows. The prices of soybean, CPO, palmolein and sunflower have come down by almost half due to the global recession. On the other hand, sporadic arrivals of new soybean crop have also started affecting its prices.
The slowdown in foreign markets is affecting the prices of all commodities, including the price of edible oil. After the fall in the foreign markets, the prices of oil and oilseeds in the local markets have fallen. Due to the softening in foreign markets, the prices of almost all oil-oilseeds have registered a fall in the Delhi market on Monday. The Malaysia Exchange saw a big decline of 5.25 percent on Monday. At the same time, the Chicago Exchange is also weak by one percent.
Despite a sharp fall in all oil-oilseeds prices, the MRP (Maximum Retail Price) of oil companies remained high. About four months ago, the price of Kandla Palmolein has fallen to $ 950 a tonne at $2,100 a tonne. Despite this, the consumers are not getting the benefit of the fall at all due to the arbitrary price being taken by the retailers.
India has imported record palm oil in the month of August after a sharp fall in the prices of palm oil in the international market. There has been a jump of 87 percent in the import of palm oil in August 2022 as compared to the month of July, which is the highest in 11 months. The price of palm oil in the international market has come down to a one-year low.
India is one of the world’s largest palm oil importer countries. This will help in reducing the amount of edible oil in the country. At the same time, Indonesia, the largest producer, will be helped in reducing inventories. In August, India imported 994,997 tonnes of palm oil against 530,420 tonnes in July. It is believed that in September, India can import 1 million tonnes of palm oil.
Palm oil is available cheaper than the rest of the edible oil, so companies have aggressively imported palm oil. At the same time, the festive season is about to knock in India. So the season of weddings is also coming together. In such a situation, the demand for palm oil can be seen increasing.
