Peanut Market News October 26, 2020
The price of edible oil has increased by Rs90-100 per 15-litre can over the past few days. Traders and wholesalers claimed that the price escalation was due to shortage of imported edible oil in the market.
Nitin Raskar, head of the grocery section at Gultekdi Market Yard, told TOI, “The average price increase per 15-litre can is in the range of Rs90-100 across all types of oils in the wholesale market. So the rates have automatically gone up in the retails markets across the city.” A 15-liter can is being sold between Rs1,500-2,500.
“We are getting 8 to 10 tankers of oil daily in the market. We need more supply now as hotels, restaurants and eateries have opened and there is an increase in demand. The import of edible is not adequate,” said Raskar.
The prices are not expected to decrease soon, he added. “The situation won’t change immediately as many oil crops like groundnut, sunflower and soybean have been damaged due to rainfall across the state that has affected production.”
Chimanlal Govinddas, a wholesaler of edible oil, stated, “The prices of oils like groundnut, soybean and sunflower have increased. It is not a good sign for the common people during the pandemic. Usually, the city needs at least 400 tonnes oil to maintain stability in the market. Now, we are getting only 250 tonnes of oil. Since food and processing establishments have opened in large numbers, there is an increase in demand for oil in the market. The market needs at least 500-600 tonne oil daily.”
Govinddas, one of the oldest edible oil wholesalers in the market, added that the Indian market has been getting less supply of imported oil from Malaysia, Indonesia, Argentina, Brazil, Ukraine and Russia over the last few weeks. “This has disturbed the demand-supply equation. Oil consumption increases most during the festive period,” he said.
Popatlal Oswal, president of Pune Merchants Chamber, said, “Due to rainfall and adverse weather conditions, we are getting less supply from Latur and Sangli mills. We need local oil supply that is affordable to the common customers.”