In a little over three weeks, groundnut oil prices have plunged by over 20 per cent. It was a scenario that was unthought of in mid-August when monsoon was still playing truant. Since then, monsoon has showered bounty across the country and that has brought about a sharp fall in groundnut and its oil prices. The situation in the global market where panic selling is being witnessed in the last couple of sessions has not helped either. Prices of groundnut oil have dropped by around Rs 100/ 15-kg tin within a week. Industry players see prices going down further in the wake of poor demand.
Groundnut oil for 15 kg new tin decreased by Rs 20 to Rs 1,970-1,975 on Tuesday, while groundnut oil loose was traded down lower by Rs 15 at Rs 1,085-1,090 for 10 kg.
Telia tin dipped by Rs 21 to Rs 1,670-1,671 for 15 kg. ,” said, Ravjibhai Mandanaka, President, Gondal Oil Mills Association.