Prices of all edible oil to reduce in few days
Aurangabad, Dec 14:
Demand for edible oil had increased during Diwali. The price of edible oil was also very high. However, with the arrival of soybean, safflower and sunflower, the price of edible oil has started declining. The biggest drop was in the price of sunflower oil as the prices fell by Rs 36 per liter. This has brought some relief to the customers. Traders also said that the fall in consumption of edible oil has also affected the prices.
Increased cultivation lowers prices
Before Diwali, the Central government had reduced the import duty on edible oil. The prices of edible oil in the global market are declining. Due to the increase in domestic production of oil seeds in the country, prices of edible oils are declining. The country is producing up to 120 lakh tons of soybean and 80 lakh tons of groundnut. The area under mustard cultivation has increased by 30 per cent. The new safflower has started arriving. As a result, prices of edible oil have declined.
Possibility of further reduction of rates
This year the production of safflower, groundnut, soybean, sunflower and mustard is satisfactory. By March next year, new safflower, mustard and flax seed will be available in the market, which may reduce the price of edible oil by up to Rs 5 per liter. There will be no more respite than that, said Kishor Nikam.
Soybean, sunflower oil in demand
Soybean oil prices have come down to Rs 14 per liter and sunflower oil to Rs 36 per liter, prompting consumers to buy soybean and sunflower oil. People are also buying different edible oils as prices are the same, said the vendors.
How much oil should a family of 5 consume
According to dietitians, 15 grams of vegetable oil per person per day should be consumed. This means that a person should consume 450 grams of oil per month, that is, a family of 5 should not eat more than two and a half liters of oil. But actually 5 liters of edible oil is purchased per month from a family of 5.
Price of edible oil (per liter)
Prices In Diwali At present
Sunflower oil Rs 176 Rs 140
Soybean oil Rs 144 Rs 130
Cotton seed oil Rs 144 Rs 128
Peanut oil costs Rs 166 Rs 160
Palm oil Rs 140 Rs 126
Safflower oil Rs 210 Rs 220