Groundnut oil prices ease from record level
After having scaled a record high of Rs 1,575 per tin of 15 kg, groundnut oil prices have eased by Rs 105-110 per tin within last two weeks following arrivals of new groundnut crop in the local markets.
Groundnut oil prices had touched an all-time high of Rs 1,575 per tin on September 11 in the wake of shortage of raw material for crushing. However, prices have started easing thereafter with new groundnut crop hitting markets. Currently, groundnut oil prices are hovering around Rs 1,465-1,470 per tin, which shows a decline of Rs 105-110.
“Shortage of groundnut has eased after fresh arrivals, which will put pressure on oil prices. We expect prices to fall below Rs 1,200 per tin after festive season of Diwali,” said Samir Shah of Rajkot-based Rajmoti Oil Mill.
Gujarat at present sees daily arrival of 25,000-30,000 bags (one bag weighing 50 kg) of groundnut and the price of groundnut is now ruling between Rs 620 to Rs 700 per 20 kg.
The demand of groundnut oil is quite low currently due to firm prices. Edible oil dealers are now pinning hopes of rise in demand with festivals such as Navaratri and Diwali round the corner.
Groundnut production in the state is estimated to rise to 1.5-1.6 million tonnes this year as compared to 1.2-1.3 million tonnes last year.