Peanut Market News March 05, 2019
The edible oil prices have declined by Rs 20 per tonne compared to last week due to lower demand in the wholesale market. “The prices of various varieties of edible oils by slipped by Rs 20 per tonne on account of lower demand,” said Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Pvt Ltd, Itwari while speaking to The Hitavada.
In Nagpur, soyabean oil is regularly used in households during the whole year as it is cheaper than other edible oils while palm oil is extensively used by hotels, restaurants and food manufacturers. Other edible oils like mustard oil is broadly used in making soap. Sesame oil is used for flavouring bread, rolls etc., sunflower oil and ricebran oil are mostly used by health-conscious people, he pointed out.
In the wholesale market, edible oils like soyabean is being quoted at Rs 1,300 to Rs 1,320 for 15 kg tin, compared to week ago at Rs 1,280 to Rs 1,300 for 15 kg tin. Similarly, palm oil is being quoted at Rs 1,090 to Rs 1,110 for 15 kg tin, compared to Rs 1,070 to Rs 1,090 for 15 kg tin, groundnut oil is being quoted (Swad brand) at Rs 1,600 to Rs 1,620 tin, compared to Rs 1,580 to Rs 1,600 for 15 kg tin and sunflower oil is being quoted at Rs 1,290 to
Rs 1,310 for 15 litre tin, compared to Rs 1,270 to Rs 1,290 for 15 litre tin, he said.
The consumption in the city for soyabean edible oil on an average is 125 to 150 tonnes per day. Accordingly, consumption of palm oil on an average is 80 to 90 tonnes per day, groundnut oil on an average is 20 to 25 tonnes and sunflower oil is 30 to 40 tonnes per day. There are a handful of edible oil processing plants in Vidarbha like Adani, Ruchi and Shalimar. From these plants, edible oil is supplied to different parts of the country.
After petrol and gold, edible oils like soyabean and palm are imported on a massive scale to meet domestic consumption demand. About 60 per cent of domestic soyabean oil demand is imported from major producing countries like Brazil, Argentina and the USA. Palm oil is imported from Malaysia and Indonesia and sunflower oil from Ukraine. In the 1980s and 1990s, India was self-sufficient in edible oil production and could meet its domestic consumption requirements. Only 5 to 10 per cent edible oils were imported at that time. With rising demand for edible oils, imports have shot up accordingly. Edible oil prices are dependent on international markets. The Ministry of Agriculture has prepared a roadmap to increase India’s annual edible oil production to 13.69 million tonnes by 2022, Thakkar pointed out.
Some of the most popular edible oil manufacturers in the market are Gujarat Ambuja Exports Limited (GAEL), Rasoya Protein Limited, Ruchi Soya Industries Limited, Cargill, Bunge Limited, Vimal Oil and Foods Ltd, Mother Dairy and Agro Tech Foods Limited.