Groundnut oil reaches new high of Rs 2,200 per 15 kg

Groundnut oil prices have reached a new high to Rs 2,200 per 15 kg tin on Monday as most of the mills are having shortage of groundnut for crushing.

During the last three days price of the oil has increased by over Rs 50 per tin. While the millers attributed the price rise to lower groundnut production in the state, the retail demand in the domestic market remained weak. “As this year groundnut crop has almost failed in Gujarat due to poor monsoon, arrival of groundnut is very poor. Currently, hardly 15,000 bags (40 kg each) of groundnut arrive every day in Gujarat that is not enough for millers. Moreover, peanuts traders are also buying around 50 percent of the arrivals,” said Ravjibhai Mandanaka, president of Gondal Oil Mills Association.

 

Samir Shah, president of SOMA, said, “Price of groundnut oil has gone up because sellers are not able to fulfill the demand as they don’t have enough groundnut for crushing.”