Edible oil prices continue to remain high. Speaking to CNBC-TV18, Sandeep Bajoria, CEO of Sunvin Group, said that prices will start softening from February-March onwards.
“Globally the production of palm will start rising from February-March onwards. Even the South American soya bean crop will start coming from February-March onwards. We have mustard seeds crops, rabi crop coming in February-March onwards. So, the softness in the prices will definitely start happening from February-March onwards. We will see by May or June the prices of palm oil and soya oil both coming down by $100 from the present levels,” he said.
However according to Bajoria, prices for sunflower oil will remain firm. “Sunflower oil is an exception because this year sunflower crop was very bad due to dryness and La Niña. Russia also putting 15 percent export duty on sunflower oil in order to save sunflower oil for their own population at reasonable prices. So, sunflower is the only oil which is going to remain firm from now till next year,” he said.For full interview, watch video