Groundnut oil prices declined further on Tuesday on dwindling demand. According to market sources, buyers were absent in retail market as well as in bulk market. Moreover, new summer crop arrival pressurised the oil market.
Groundnut oil loose declined Rs 15 to Rs 995-1,000 for 10 kg, telia tin was down Rs 22 to Rs 1,535-1,536 for 15 kg and groundnut oil new tin decreased Rs 10 to Rs 1,860-1,865. About 10-15 tankers of groundnut oil were traded in Saurashtra.
A Rajkot-based edible oil retailer said that despite lower price, demand for groundnut oil in retail is very nominal. People prefer to buy other edible oils such as cotton oil, palm oil, etc which are cheaper.
Cotton oil price stood at Rs 1,080-1,090 for 15-kg tin and cotton oil wash was Rs 610-613 for 10 kg. About 50-60 tankers of cotton oil were traded from mills in Saurashtra.
A miller said that groundnut oil price is coming down as demand is very poor. Moreover, summer groundnut arrival is increasing which may pressurise the oil price more in coming days.
About 10,000-12,000 bags of new crop arrive every day in Gujarat and are traded at Rs 950-1,000 for 20 kg.