Palm, cottonseed oils prices hit year's lowest levels in Guj

Following a sharp fall in edible oil prices in the international markets, retail prices of palm oil and cottonseed oil in various Gujarat markets have tanked to year’s lowest level in past couple of days. Prices of other edible oils have also eased by around 40 per cent in last three months.

At present palm oil prices are quoted at Rs. 650 to Rs. 690 per 15 kg tin, which were hovering around Rs. 825 per 15 kg in August end and Rs. 1,025 in July. Simiarly, cottonseed prices have dipped to Rs. 950 to Rs. 975 per 15 kg tin from Rs. 1,150 per 15 kg in July.

“Retail prices of both these edible oils have nosedived to the lowest level of the current year,” said Suresh Shah, vice-president, Ahmedabad Oil Merchants’ Association.

Soybean oil prices have declined from Rs. 1,080 to Rs. 1,090 per 15 kg in August to Rs. 925 to Rs. 975 per 15 kg. “Last three months have seen edible oil prices going down by around 40 per cent in Gujarat following a weak trend in international markets,” said Pratap Chandan, president, Federation of Gujarat State Edible Oil Merchants’ Associations.

Even groundnut oil prices have tanked to a six-month low of Rs. 1,025 to Rs. 1050 per 15 litres, he added. Price in the local markets have dipped substantially due a number of reasons including crisis in global financial markets, better than expected world production of oilseeds (410 million tonnes), very large production and stock of palm oil and good kharif oilseed production in India, said officials of Solvent Extractors’ Association of India (SEA).