Price of soybean oil might go up in next few days

Aurangabad, Oct 27:

There seems to be no relief to the ordinary citizens, as the prices of Soybean oil are again said to rise due to the increased demand during festival season and shortage of supply to the companies.

Measures are being taken by the Central Government to control the rise in oil prices in the country. The reduction in import duty has led to a fall in the price of all edible oils. The prices of soybean oil fell to the lowest. However, soybean crop on thousands of hectares was damaged due to rains. Meanwhile, the demand for the Soybean oil from the wholesalers increased ahead of the festive season. But due to shortage of oil, the wholesalers are finding it difficult to acquire the stock from the companies.

Hence there will be a shortage of soybean oil in the next four days. This will push up the prices by Rs 3 to Rs 4 per kg, traders said. The central government reduced the import duty on oil seeds. The import duty on sunflower, groundnut and palm oil was reduced by five per cent. With a 15 per cent cut in soybean oil seeds, the price of a kilogram of soybean oil fell by Rs 4-6 per kg. This increased the demand for Soybean oil in the market.

Citizens must avoid stockpiling

The price of soybean oil is likely to go up by Rs 3 to Rs 4 per kg as compared to other oils. This increase is expected to be temporary. Therefore, consumers should not buy and stockpile oil, fearing that oil prices will rise further, said wholesaler Piyush Biyani.