Lower demand pulled down groundnut oil in the wholesale market, while cottonseed oil increased on festival demand on Tuesday.
A Rajkot-based retailer said, “People are buying more cottonseed oil, as it is cheaper than groundnut oil. Moreover, the price of groundnut oil has fluctuated greatly over the last two to three months.”
Loose groundnut oil loose was down Rs 10 to Rs 1,145-1,150 for 10 kg and a 15-kg telia tin down Rs 14 to Rs 1,760-1,761. A new 15-kg tin was Rs 1,960-1965. About 100-120 tonnes of groundnut oil were traded in Saurashtra’s mills.
While 20,000 bags of groundnuts arrived in Rajkot and quoted at Rs 950-1,150 for 20 kg, around 1,650 bags arrived in Jamnagar and quoted at Rs 900-1,150, and around 35,000 bags arrived in Gondal and were offered at Rs 900-1,145.
Though crushing of nuts has risen in the past few days, retail demand has dropped, said an oil miller in Gondal. Prices may dip further, as brand-makers and stockists have reduced purchases, he added. Cottonseed oil (wash) was up Rs 7 to Rs 677-680 for 10 kg and a new 15-kg cottonseed-oil tin increased by Rs 10 to Rs 1,1170-1,180.