Groundnut Oil Price Hits 4 Year Low At Rs 2300 Per 15 Kg Amid Record Production In Gujarat

Rajkot: Groundnut oil prices have fallen to their lowest level in four years, offering relief to consumers. This drop has been driven by record groundnut production across Gujarat, which has reportedly crossed 50 lakh tonnes this year. A 15 kg tin of groundnut oil that once sold for Rs 3,200 is now priced between Rs 2,300 and Rs 2,370. Over just the past three days, prices have declined by Rs 40. Since Diwali, the total drop has been around Rs 250 to Rs 300 per tin.

The fall in prices is being attributed to several factors. Firstly, the bumper groundnut crop has led to surplus availability. Additionally, the government has released large quantities of groundnuts from NAFED stocks into the open market. Farmers themselves are also selling their stored groundnut supplies, increasing market availability even further.

On top of that, groundnut oil exports have slowed significantly, and current demand within the domestic market is lower than usual. The summer season has brought down consumption levels, and with plenty of stock already in circulation, there’s little upward pressure on prices. Other edible oils are also seeing a drop in prices. Cottonseed oil is now selling between Rs 2,200 and Rs 2,280 per 15 kg tin, soybean oil is priced between Rs 2,250 and Rs 2,300, sunflower oil between Rs 2,000 and Rs 2,150, and corn oil between Rs 2,050 and Rs 2,200.