New Delhi. In order to give relief to the consumers from the rising prices of edible oil, the prices of almost all oilseeds saw a fall in Delhi on Thursday due to reduction in import duty by the government. At the same time, due to the festive demand amid the shortage of mustard, only the price of mustard oil showed improvement.
Let us inform that in view of the increasing trouble of the common people due to expensive edible oil, the government on Wednesday decided to do away with the basic custom duty and cut agricultural cess on import of palm, soybean and sunflower oil. This exemption is applicable from today and will remain till March next year.
Market sources said that due to the reduction in import duty, the prices of local oilseeds have broken. Due to this, the government has succeeded in stopping the rise of other oils, but the momentum in mustard remains intact. Farmers are bringing their remaining stock to the mandis in very limited quantities. There is a festive demand and there is a delay of about five months in the arrival of the next crop, which is expected to arrive in March.
He said that in future, like last year, the government should purchase mustard and maintain a mandatory stock of at least 5-10 lakh tonnes as there is no substitute for mustard. Sources said that a big company is procuring mustard from Haryana but they are not getting the goods due to shortage of mustard. Sources said that after the reduction of duty, imports through Nepal and Bangladesh have come to a standstill as the duty has come down to around 5 per cent, while the cost of bringing them through the said route is about 10 per cent.
Also read- Edible oil will be cheaper! Central Government abolishes basic custom duty on crude palm and soybean oil
Mustard arrival is low but demand is high
The arrival of mustard in the mandis is less, stocks are limited and there is demand. Therefore, the reduction of duty has not had any special effect on it. In the futures trade of NCDEX, the contract for October delivery of mustard has closed sharply by Rs 40 on Thursday.
The wholesale price in the market was as follows- (Rs. per quintal)
Mustard oilseeds – Rs 8,720 – 8,745 (42 per cent condition rate)
Groundnut – Rs 6,285 – Rs 6,370
Groundnut Oil Mill Delivery (Gujarat) – Rs 14,300
Groundnut Solvent Refined Oil 2,080 – Rs 2,210 per tin
Mustard oil Dadri – Rs 17,500 per quintal
Sarson Pakki Ghani – Rs 2,650 -2,700 per tin
Mustard Kachhi Ghani – Rs 2,735 – Rs 2,845 per tin
Sesame Oil Mill Delivery – Rs 15,500 – 18,000
Soyabean Oil Mill Delivery Delhi – Rs 13,550
Soybean Mill Delivery Indore – Rs 13,200
Soyabean Oil Degum, Kandla – 12,100
CPO Ex-Kandla – Rs 11,100
Cottonseed Mill Delivery (Haryana) – Rs 13,350
Palmolein RBD, Delhi – Rs 12,800
Palmolein Ex- Kandla – 11,700 (without GST)
Soyabean grain 5,250 – 5,400, Soyabean loose Rs 4,050-5,050
Maize Khal (Sariska) Rs 3,825
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