After potato & onion, edible oil burns hole in pockets

By Pramod Kumar Jha New Delhi, Nov 6 : After potato and onion, the price of edible oil has now gone up due to a sharp increase in the cost of oilseeds.
Crude palm oil (CPO) prices in the domestic futures market have risen by 53 per cent in the past six months due to a decline in palm oil production in Malaysia. Soybean and mustard prices are also witnessing steady rise.
Oilseed market experts say that the price of mustard, soya oil and palm oil is currently at the highest level in India and there is a possibility of further rise in prices in the coming days due to costlier imports from abroad.
According to market sources, the wholesale price of raw mustard in the country was Rs 1,155 per 10 kg on Thursday, while the wholesale price of soya oil was Rs 995-1010 per 10 kg, while that of and palm oil (RBD) was Rs 935-945 per 10 kg.
At the same time, the wholesale price of sunflower oil was Rs 1,180-1,220 per 10 kg.
On Thursday, 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. Thus, CPO prices have risen by more than 53 per cent in the last six months.