Groundnut oil prices rise again in Guj

Having witnessed a fall for a week, groundnut oil prices have started soaring up yet again. The groundnut oil prices increased by Rs 30 per 15 kg tin on Friday due to higher demand of groundnut from peanuts exporters. Trader sources maintained that demand for groundnut oil has reduced to nil due to rise in prices in short term.

Groundnut oil traded in the range of Rs 2,075-2,080 per 15 kg tin, showing a sharp gain of Rs 30 per tin against previous rate of Rs 2,045-2,050 per tin at Rajkot market. Loose groundnut oil has moved up by Rs 40 to Rs 1,240 per 10 kg. Groundnut oil had declined by Rs 45 per tin over the past two days. About 150 tonnes of groundnut oil has been traded from Saurashtra regions. "Supply of groundnut is very poor and summer crop is likely to come after a week. We are expecting summer crop of groundnut to be available for crushing. But the way export demand has come up, it will be difficult to get it for crushing," said Suresh Kaneriya of Kaneriya Oil Mills.