After potato and onion, the price of edible oil is touching the sky due to prompt
hike in the cost of oilseeds.
As a result of decline in palm oil production in Malaysia, crude palm oil (CPO)
prices in the domestic market have risen up by 53 per cent in the past six months.
Soybean and mustard prices are also witnessing steady rise.
Oilseed market experts are anticipating further raise of price of mustard, soya oil
and palm oil due to heavy import dues.
According to market research, on Thursday the wholesale price of raw mustard in
the country was Rs 1,155 per 10 kg while the price of soya oil was Rs 995-1010
per 10 kg and that of palm oil (RBD) was Rs 935-945 per 10 kg where as price of
sunflower oil was Rs 1,180-1,220 per 10 kg.
The CPO on Multi Commodity Exchange (MCX) gained nearly 2 per cent to Rs
869.70 per 10 kg, while the CPO contract was broken by Rs 567.30 per 10 kg on
May 7, 2020 on Thursday. Thus, CPO prices have risen by more than 53 per cent
in the last six months.