In the midst of the decline in the global markets, oil prices are improving. There is a rise in the prices of all the oil in Delhi’s oil-oilseed market. Meanwhile, the prices of mustard, soybean, groundnut, crude palm oil and palmolein oil have closed with improvement. The Malaysia Exchange was down 0.3 per cent while the Chicago Exchange closed 2.5 per cent stronger last night and is currently down.
How much was the price of mustard oil
In the last two years, farmers have got good prices for oilseed crops and they are shying away from selling their produce cheaply. However, the price of mustard remains below the minimum support price (MSP). Oil mills are at a disadvantage in crushing the country oil because the cost of country oil after crushing is more, so the crushing is being done only about 50 percent, due to which the price of mustard oil in the open market is around 2,200-2,250 at this time last year. It was Rs 2,450-2,500 a quintal, this time it has increased to Rs 2,450-2,500 a quintal.
How was the price of oil?
The wholesale price of cottonseed oil was Rs 160 a kg 8-9 months ago, it has come down to Rs 95 a kg now. The prices of cottonseed cake are rising due to cheaper cottonseed oil and due to this, for the fourth consecutive day in the futures trade, the price of April contract cottonseed cake saw an increase of 2.1 per cent in NCDEX.
Nafed said this
More than buying mustard from the co-operative organization NAFED, there is more emphasis on creating a market for indigenous oil and oilseeds. The prices of import duty free edible oils are so cheap that cottonseed is not being consumed in the market due to which cottonseed crushing mills and ginning mills are working less.
Farmers increased production
The farmers of the country have increased the production of oilseeds on the call of the government, but now it is most important for them to create a market for indigenous oil and oilseeds. For this, first of all, to control the price of cheap imported oils, especially soft oils like sunflower and soyabean, the import duty on them will have to be maximized and only then the market situation will be such that indigenous oil-oilseeds will be able to be consumed.
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