In the last week, the prices of all oil-oilseeds including mustard, soybean, groundnut have registered a decline in the Delhi oil-oilseed market. No oil-oilseed has remained untouched due to the steep fall in the prices of oil-oilseeds imported from abroad.
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Amid fall in the prices of foreign imported edible oils, the prices of all oil-oilseeds, including mustard, soybean, groundnut, have registered a decline in the Delhi oil-oilseed market last week. According to the PTI report, informed sources in the market said that due to the steep fall in the prices of oil and oilseeds imported from abroad, no oil-oilseed remained untouched and all fell. The situation has become such that a crisis of survival has arisen in front of many edible oil mills.
What is the reason for the decline?
According to PTI, sources said that domestic oil and oilseeds are definitely a bit expensive as compared to imported oils. But the country has another advantage in this. In favor of his argument, he said that on an average per capita consumption of edible oil per day is 50 grams, but it is capable of deeply affecting the inflation of the country.
The poultry and cattle rearing farmers of the country are affected due to the cost of DOC, Khal etc. That is, the prices of milk, butter, eggs and chicken (poultry meat) increase, which have a direct effect on inflation.
What to do next?
We cannot get DOC or Khal from imported Palm and Palmolein and need to import it separately, for which foreign exchange will have to be spent. According to PTI, market sources said that the fall in foreign oils is hurting our domestic oil-oilseeds, which is likely to turn critical if not dealt with in time. The prices of foreign oils have crashed and the cost of production of our indigenous oils is high.
If the situation is not handled, then the oil-oilseed industry and its cultivation in the country will be seriously affected. If the situation is not handled by maximizing the import tax on cheap imported oils, then instead of increasing the production of oilseeds, the farmers may get distracted from oilseed cultivation, because the cost of production of indigenous oils will be high. Sources said that many oil-oilseeds recommend increasing palm cultivation in some other parts of the country, especially in the northeastern states, and efforts have also been made by the government in this direction.
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