| |
| The region has produced 30 lakh tonnes of groundnut and this has led to brisk activity at the mills. |
| |
| The 300 oil mills in Saurashtra produce 4,000 to 4,500 tonnes of groundnut oil daily, while they have tonnes of groundnut in their reserve to be used. |
| |
| The market will again see a huge inflow of the commodity when the summer crop starts arriving. |
| |
| With this, the oil mills will get enough groundnut to produce the oil for the whole year, Sureshbhai of Kaneria Oil Mill said. |
| |
| He said this year, the government has hiked the import duty of edible oils. |
| |
| Also, heavy floods in China this year have washed away 50 lakh tonnes of groundnut crop in that country, leading to a scarcity. |
| |
| Market experts said China would procure groundnut in high quantities from India. |
| |
| Though 4.5 to 5 lakh bags of groundnut reach the marketing yards of Saurashtra everyday, prices of edible oils are unlikely to go down. |
| |
| The current price of 10 kg of groundnut oil is around Rs 450. It was Rs 434 to 435 in the last week. |
| |
| Despite the abundant supply, the prices of groundnut have also shown an uptrend. |
| |
| The rate of mill delivery groundnut is Rs 335 to 355 per 20 kgs now. |
| |
| The prices of groundnut oil in tax-paid tin packing has improved by Rs 18 at Rs 750 to 756. |
| |
| Price of cotton seed oil is Rs 700 per tin. |
| |
| The improvement in groundnut and groundnut oil prices despite the abundant supply and the hike in the import duty of edible oils have brought cheers to the farmers in the region. |
| |
| Natubhai Kanshagara, a leading edible oil merchant, said China will emerge as a big buyer of edible oil this year and this will keep the prices steady. |
| |
Ukabhai Patel, president, Saurashtra Oil Millers
|
