A significant decline is being seen in edible oils at present. Especially due to decline in groundnut oil, other edible oils have also declined. There is a difference of Rs 10 to Rs 12 per liter between the prices of groundnut oil and soybean oil. Some brands of groundnut oil have become cheaper than soybean oil. The main reason for the fall in groundnut oil is the fall in the prices of grains. The prices of grains in the local wholesale market have come down to Rs 65/70 per kg, which were around Rs 90/92 around Navratri. However, retail prices of grains are being quoted at Rs 115/120 per kg, which increased to Rs 140 per kg around Navratri.
hence the decline is coming
Market experts say that the main production of groundnut in the country is in Gujarat. Peanut production is high here. Therefore, the prices of grains are being quoted quite low in the producing areas. Oil prices have also fallen due to oil mills getting cheaper grains. Experts say that Niger Seed Oil is being consumed in the country. It is not being exported. However, demand is also weak. Demand for soybean oil, a major consumer, is said to be weak.
What do wholesalers say
Salty-sweet trader Premnarayan Yadav ‘Kundan’ says that the grains which he had bought from the wholesale market during Navratri for Rs 9000/9200, are now being bought at Rs 6500/7000 per quintal. Oil broker Ramakant Tiwari says that the demand for all edible oils including Niger Seed is weak. Wholesale oil trader Devanand Sachdeva says that there has been a slowdown in other edible oils including groundnut oil. There is a difference of Rs 10 to 12 per kg between soybean and groundnut oil in the wholesale market, which used to be Rs 40 to 45 at higher prices. However, there is not much recession in edible oils in the retail market.