Groundnut oil prices likely to drop this season

Due to higher acreage of groundnuts in the ongoing Kharif season, the production was higher this season. Groundnut oil prices are likely to decline as the production of the oil increased.

Mandi prices for groundnuts stood at Rs 5000-5400 per quintal while the groundnut oil price was Rs 1,190 per 10 kg. The acreage in the ongoing kharif season touched 46.93 lakh hectare whereas last year’s acreage was 36.30 lakh hectares. Around Rs 1,819.94 crore was exported as against last year’s Rs 1,470.67 crore, a 23.75 per cent higher than the previous year.