Nagpur: The edible oil prices have rocketed and are witnessing this year’s new highs due to limited supplies. In a span of 20 days, the edible oil prices across all varieties have flared up by Rs 250 for 15 kg tin in the wholesale market. Lower production of soybean crops in the international market coupled with the Russia-Ukraine war are pushing prices higher.
According to traders, in the wholesale market, edible oils like soybean oil are being quoted at Rs 2,600 for 15 kilogram (kg) tin, a rise of Rs 250 as compared to prices about 20 days ago at Rs 2,350 per 15 kg tin. Palm oil is being quoted at Rs 2,550 per 15 kg tin, as compared to prices during the same period at Rs 2,250 per 15 kg tin.
Gold Rate
Saturday 01 Feb. 2025
Groundnut oil prices are being quoted at Rs 2,700 for 15 kg tin, as compared to Rs 2,400 per 15 kg tin. Sunflower is being quoted at Rs 2,580 for 15 litre tin, as compared to prices 20 days ago at Rs 2,200 for 15 litre tin and rice bran is being quoted at Rs 2,550 per 15 kg tin.
In retail, the soyabean edible oil prices have surged to Rs 165-Rs 170 per litre, groundnut oil is being quoted at Rs 180 to Rs 190 per litre, sunflower oil at Rs 180 per litre, palm oil at Rs 180 per kg and rice bran at Rs 160 per kg, the traders said. In January soyabean oil price was at a low of Rs 2,150 to Rs 2,250 per 15 kg tin, palm oil at Rs 2,150 per 15 kg tin, groundnut oil at Rs 2,200 per 15 kg tin and sunflower oil at Rs 2,000 for 15 litre tin. It is expected that edible oil prices could cool down from their highs if the Russia-Ukraine conflict comes to an end in another 15 days. Apart from this, the new crop from Brazil could arrive in April and edible oil prices could see a correction, according to the market observers.
