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Cut in oil prices likely as capacity of Russian sunflower cos goes up
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Saturday, 04 May, 2024, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The Indian edible oil traders expect the domestic price of edible oil to be slashed as the total capacity of Russian sunflower producing companies will increase by 1.475 million tonne this year.
Shankar Thakkar, president, All India Edible Oil Traders Federation, has said, "The production capacity will be enough to process this year's crop, and the surplus capacity is estimated to be 1.2 million tonne."
Further, according to the local agri data, the gross harvest of Russian sunflower is estimated around 17.6 million tonne.
Also, to promote exports, zero duty has been announced on export of sunflower oil by Russia from May 1, 2024, and the export duty will be significantly reduced - from 3,403.9 rubles per tonne to 2,389.6 rubles per tonne.
The indicative prices, on the basis of which duties are calculated, will be $766.7 per tonne for sunflower oil ($768.6 per tonne a month ago), and $205.9 per tonne in place of $224.7 for milled oil.
Thakkar said that due to increase in sunflower crop and processing capacity in Russia along with reduction in the export duty to zero, there is a higher possibility of reduction in sunflower prices in domestic markets as well.
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