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Oil millers unlikely to reduce Groundnut Oil prices
Commodity Online | November 13 2017
UPDATED 16:48:57 IST

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Groundnut oil prices in Gujarat is unlikely to decline this season, the apex body of oil millers - Saurashtra Oil Millers Association (SOMA) said.

The association has also disputed the Groundnut production figures released by the Solvent Extractors Association of India (SEAI).

While the SEAI said Groundnut production in Gujarat is at record 31.45 lakh tonnes in 2017-18 (kharif season) against 29.4 lakh tonnes last year, SOMA claimed that current year's production is lower at around 25 lakh tonnes against estimated 26 lakh tonnes.

Markets in Rajkot don't allow farmers enough space to stock their produce on daily basis. That's the reason we get the news of bumper arrival in one day, SOMA said.

The crop is normal and less than our expectations. The yield has also reduced in other parts of the country so there is no way that price of groundnut oil will come down. It will remain at par with last year, it added.

The claims of oil millers comes at a time when Groundnut yield in Gujarat has increased from 1,790 kg per hectare last year to 1,960 kg per hectare this year.

As per market sources, farmers are getting Rs 650 to Rs 850 per 20 kg in the open market, while state government has declared Rs 900 as minimum support price (MSP) for Groundnut. Last year, farmers have obtained Rs 800 to Rs 1,000 for 20kg Groundnut.

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