Good news for household budgets: Edible oil relief after drop in petrol, diesel prices

Household budgets in India have received some much-needed relief in the past few days. With a sharp drop in petrol and diesel prices fueled by Centre’s excise duty cut and extended LPG subsidy, the common man is set to get relief from the rising prices of edible oils. The good news is about a significant dip in the price of mustard oil.

The price for a tin of Kachi Ghani Mustard Oil has fallen by Rs 40 and is now retailing between Rs 2,405 and Rs 2,515, DNA sister concern Zee News Hindi reported citing sources. The reason behind this opening of exports by Indonesia amid the price spike in the international market. The move has had an impact on the domestic market in India.

Drop in mustard oil prices

Most oil, oilseed prices saw a downward price trend last week. As a ripple effect, the price of Kachi Ghani mustard oil has decreased by Rs 40, bringing about massive relief in edible oil budgets.

The prices of mustard seeds dropped by Rs 100 to Rs 7,515-7,565 per quintal this week from last week which resulted in mustard Dadri oil price decreasing by Rs 250 to Rs 15,050 per quintal, the report said. Similar fall is seen in prices of Pakki Ghani and Kachi Ghani oils by Rs 40 each to Rs 2,365-2,445 and Rs 2,405-2,515 per 15 kg tin respectively.

Drop in Soybean oil prices

The prices of soybean grains and soybean loose have also seen a decline despite the rise in overseas markets, closing at Rs 7,025-7,125 (soybean grain) and Rs 6,725-6,825 (soybean loose) per quintal.

The prices of groundnut solvent refined also saw a Rs 25 drop to close at Rs 2,625-2,815 per tin. This comes after a significant Rs 500 drop in crude palm oil price to Rs 14,850 per quintal last week. Similarly, the price of Palmolein Kandla fell by Rs 520 to Rs 15,200 per quintal and the price of Palmolein Delhi fell by Rs 600 to Rs 16,350.

Meanwhile, the excise duty reduction by the Centre brought down the price of petrol in the country by as much as Rs 9.5 liter. Diesel also witnessed a sharp drop of Rs 7. Several media reports suggest that a similar reduction may be on the cards for CNG prices in India. 

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