Groundnut oil prices zoom in state despite stock curbs

Groundnut oil prices have reached an all-time high of Rs 2,150 per 15 kg in Gujarat despite imposition of limit on stocking of commodity.

On April 5,the state government issued a notification imposing stock limit of 4,000 tins (15 kg each) of edible oils for the wholesalers and 300 tins for the retailers.

But the curbs have not had much impact on the groundnut oil market. The price rise like this has never been seen in the groundnut oil, an oil-miller said.

Saurashtra Oil Mills Association president Samir Shah blamed the price rise on shortage of raw materials,and said the groundnut oil was still cheaper in Gujarat as compared to other states. The production of groundnut has gone down while the consumption of the oil has increased,which is is the main reason for the price rise, Shah said.

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