Groundnut oil prices rose more than Rs 100 per tin (of 15 kg) last week due to scarcity of groundnut in the state. On the other hand, some industry players believe the price rise is speculative as there is not much demand in the market.
A 15 kg tin of groundnut oil in Rajkot (Saurashtra) is now available at an all-time high of Rs 1,570-1,575. While packaged 15 litre groundnut oil tin is priced at Rs 1,470-1,475, groundnut oil sold in loose form is at Rs 955-960 per 10 kg.
According to APMC sources, groundnut bold price gained Rs 105 to Rs 750-785 and groundnut small price by Rs 50 to Rs 680-720 per 20 kg.
“Scarcity of the main raw material for groundnut oil supports the price at the upper level. Till the new season, starts from October, the prices of groundnut oil are not likely to come down,” said a Jamnagar-based miller.
According to market sources, fresh produce of groundnut will arrive in the market within a month. Interestingly, the new production is expected to be good as sowing has increased by 10-15 per cent in Saurashtra region.
Rajkot-based trader Mukesh Vora said, “At present nobody has ready stock, so there is a grim chance that prices of groundnut oil would decrease. Since the price of groundnut in Gujarat is lesser compared to other states, a lot of the groundnut stock is supplied across the country. Irrespective of whether there is demand for the groundnut oil, the prices will not come down till the new season sets in.”
