With the festive season around the corner, the prices of rice and edible oils have started to fall.
Companies confirm that prices have come down this month, and this trend is expected to reach the retail market by the end of the month.
According to the Economic Times, one major reason for the drop in rice prices is Bangladesh.
The country had planned to import 1 million tonnes of rice from India this year but ended up placing very few orders.
Traders say this is why prices have declined.
Generally, Bangladesh buys premium rice from India, while African countries purchase broken rice.
Current Rice Prices
Popular rice varieties such as Minikit, Swarna, and Sona Masuri are now cheaper.
The fragrant Gobindabhog rice, which was earlier sold at ₹220 per kg, is now available for ₹160.
Minikit rice: ₹47–49 per kg (earlier ₹55)
Sona Masuri rice: ₹46 per kg (earlier ₹52)
Ratna rice: ₹36–37 per kg (earlier ₹41–42)
Edible Oil Prices Also Fall
The wholesale prices of most edible oils have also dropped.
Demand for edible oil generally increases during festivals as people consume more sweets and fried foods.
Angshu Malik, Managing Director of AWL Agri Business (formerly Adani Wilmar), said that prices of mustard oil and imported oils have fallen.
AWL is India’s largest edible oil company.
Current Oil Price Situation
According to Sandeep Bajoria, CEO of Sunwin Group (a Mumbai-based trading firm):
Soybean oil (imported): $1,190 per ton
Sunflower oil (imported): $1,275 per ton
Crude palm oil: $1,180 per ton
India imported 1.6 million tons of edible oil in August.
He added that traders currently have enough stock, so a sharp rise in prices is unlikely.
