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Millers see sharp rise in mustard oil price
Baren Bhattacharya
MUMBAI, February 15: Mustard oil prices are expected to hit an all-time high in June-July this year because of short supply in the market, oil millers in Calcutta said. Prices are now ruling at around Rs 3,700 per quintal. One oil miller said production of this major edible oil is likely to decline by around three to five per cent, because unseasonal rains and cloudy weather in December 1997 and January this year will lead to a fall in the oil content of mustardseed. The weather has affected the drying of the seeds, which will now retain more water.Ashok Sethia, president of the Eastern India Oil Seeds & Oil Mills Association, said mustard oil production was 54 lakh tonnes last season, with total edible oils production at about 70 lakh tonnes. The fall in production of mustard oil led to imports. Oil circles said the expected supply shortfall this season will lead to rampant adulteration. Imported palmolein is best suited for this purpose. Palmolein is among the cheaper edible oils, and the importedvariety is being traded in the wholesale market at Rs 25,000 to Rs 27,000 per tonne. The imports are done by the National Dairy Development Board, ITC Ltd and State Trading Corporation. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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