After a sharp rise last week due to short supply, groundnut oil price dropped this week on lower demand. Similarly, cotton oil too declined.At Rajkot, groundnut oil was traded at Rs 1,375-1,380 for 15 kg tin, down by Rs 10 while “loose” groundnut oil declined Rs 5 to Rs 810-815 for 10 kg. Branded groundnut oil was down by Rs 10 to Rs 1,355-1,360 a tin. Cotton wash for 10 kg slid Rs 10 to Rs 565-568 and new tin 15 kg was traded at Rs 990-1,000, a fall of Rs 10/tin.About 50-70 tonnes were traded in groundnut oil and 150-180 tonnes in cotton oil.
According to a Rajkot-based miller, there was lack of demand from brands and stockists' as price surged last week. Moreover, retail demand is also weak.According to market analysts, buyers are waiting for further decline with this as the raw material problem is not a pressing one now. Supply of groundnut is normal which may lead to a fall in prices in coming days.A retailer said, “High price of groundnut oil has reduce the demand for retail.”