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Edible Oil Price: Soy oil came under pressure due to the abolition of import duty on crude soybean oil and sunflower oil, increased export of palm oil by Indonesia and the arrival of sunflower oil from Russia. Know how much is the wholesale and retail price.
Due to the efforts of the government and international reasons, the price of edible oils(Edible Oil Price) has started to decline. This is a relief news for the people troubled by inflation. In the last one month, the price of soybean oil and palm oil has fallen by Rs 10-10 per liter. All India Edible Oil Traders Federation has made this claim. According to the president of the federation, Shankar Thakkar, a month ago, the price of soya oil in retail was 170 to 180 per liter, which has now come down to between Rs 160 to 170. The effect of increasing inflow of palm oil and sunflower oil has started showing on soya oil. After several months, now sunflower oil has started coming from Russia. The government has abolished import duty on 20-20 lakh tonnes of crude soybean oil and sunflower oil annually. The effect of which is now visible.
Indonesia had banned palm oil export for about a month. Before that, the import of sunflower oil was affected due to the Russo-Ukraine war. Due to which the price of edible oils was increasing in India. But, now under domestic pressure, Indonesia has not only opened the export of palm oil but is also cutting tax to sell the palm oil it has accumulated during the export ban as soon as possible.
Soya oil price dropped in Argentina
An increase in the stock of soya oil has been estimated in the month of June. On the other hand, Indonesia has cut export tax to increase the export of palmolein. Efforts are being made to increase exports as much as possible. Between May 27 and June 15, the price of Argentine soybean oil has fallen by $ 120 per tonne. The reason for this is weak demand from importing countries.
how much is the wholesale price of soya oil
Similarly, between May 27 and June 15, the price of soybean oil at Mumbai Port has fallen by Rs 4.5 per kg to reach Rs 1,480 per 10 kg. Plants in MP and Maharashtra reduced the price after increasing it by Rs 2-3 per kg. Last week, even after rising to 1535, the soya oil price at Mumbai Port slipped to 1485 and was recorded. Considering the strictness of the government and the volatility in the foreign markets, now there is little hope of a rise in it.
Possible fall in the price of sunflower oil
After the start of export from Indonesia, the supply of palm oil in the domestic market has become normal. More than one lakh tonnes of palm oil is expected to reach Kandla Port soon. Therefore, a decline is also being expected. Indonesia has approved the export permit of 11.6 lakh tonnes of palm oil under the Export Acceleration Program. This may also increase the fall in the price of sunflower oil. Rice bran oil prices are stable.
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