The prices of soybean and mustard in the domestic market have decreased due to a reduction in the import prices of the commodities, said the Mustard Oil Producers Association (MOPA) on Monday, reports Financial Express.
It has urged the government to lift stockholding limits on edible oil and oil seeds immediately as these controls have hit the processing of oil seeds.
The prices of palm oil (at Mumbai port) have been reduced to $930/tonne (36% lower) on October 7 as against $1,453/tonne during the same period last year. This accounts for a 60% share of the country’s edible oil imports.
Krishna Kumar Agarwal, general secretary of MOPA said, “The mandi prices of soybean and mustard oil have been impacted due to cheaper palm oil imports.”
The soybean seeds prices have fallen to Rs 4,500 per quintal as against Rs 9,500 per quintal last year due to cheaper imports, notes MOPA.
The government had on April 1, extended stock limits on edible oils and oilseeds till December 31, 2022, to curb rises in prices.
