Revival of monsoon in the state coupled with a dip in peanuts demand from traders and exporters has brought the prices of groundnut oil down by around Rs 100 per tin, that too, within a week. Industry players also see prices going down further in the wake of poor retail and stockiest demand.
"Recent rainfall has resulted into favourable weather conditions for groundnut crop. Moreover, pre-monsoon crop of groundnut is ready for harvesting and it will come to market within next 15 to 20 days," said, Ravjibhai Mandanaka, president, Gondal Oil Mills Association.
Groundnut oil price stood at Rs 2,010-2,015 per tin (15 kg) on Saturday. The price hovered around Rs 2,110-2,115 per a week ago, which shows a sharp decline of Rs 100. It may be mentioned here that groundnut prices too eased by Rs 30-35 to Rs 845-950 per 20 kg in past seven days.