Business
Prices of edible oil, ghee get extremely low in global market
Ghee and oil companies have reduced the price by Rs3000 to settle at Rs11,900 per 40 kg.
The prices of edible oil and ghee have recorded a massive decline in the global market.
According to the media report, the prices of oil and ghee in the world market have been recorded to decrease by 110 dollars per ton in the international market in just one month. However, despite the massive reduction in the prices of oil and ghee in the global market, there has been no reduction in the prices in local market.
According to experts, ghee and oil companies were selling for Rs15,100 for per 40kg last month, which has reduced by Rs3000 to settle at Rs11,900. The prices of ghee and oil have been reduced by Rs80 per kg and if the rupee strengthens further, the prices of ghee and oil will decline significantly.
Last month, the price of edible oil in the global market was 960 dollars per ton. After a decrease of 110 dollars, it settled at $850 per ton. And in the local market, it decreased by 38 rupees and the increase in the value of rupee will further decrease it by 42 rupees per kg. And overall it has reduced to Rs80 per kg.
According to the report, the ex-mill rates have been reduced but due to the negligence of the management, the vendors have not reduced the rates at the retail level. Local administration should take note and 20 percent rates have been reduced in the local market.