Industry welcomes price reduction in hexane by petroleum cos
The solvent extraction industry has welcomed the move by petroleum companies to revise downwards their hexane price by Rs 8,000 per kilolitre with effect from November 1.
By PTI |
MUMBAI: The solvent extraction industry has welcomed the move by petroleum companies to revise downwards their hexane price by Rs 8,000 per kilolitre with effect from November 1, an industry official said.
The solvent extraction industry is using food grade hexane for processing oilseeds, oilcakes and rice bran.
"Following the decrease in crude oil price in the international market, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd have further reduced the food grade Hexane price by Rs 8,000 per kilolitre with effect from November 1, 2008," The Solvent Extractors' Association of India's Executive Director, B V Mehta, said in a statement here on Friday.
With the crushing season just starting, "we are sure this will give further relief to the solvent extraction industry and thank the Union Government and petroleum companies for considering our representation for reducing the hexane prices," Mehta said.
Earlier, petroleum companies had reduced prices by Rs 7,000 per kilolitre in two installments in the last two months.
Food grade hexane price in one year had been increased by Rs 23,000 per kilolitre from Rs 33,000 in July 2007 to Rs 56,000 recently.
This had increased the processing cost by Rs 200-300 per tonne and had a direct impact on edible oil price and inflation.
The solvent extraction industry is using food grade hexane for processing oilseeds, oilcakes and rice bran.
"Following the decrease in crude oil price in the international market, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd have further reduced the food grade Hexane price by Rs 8,000 per kilolitre with effect from November 1, 2008," The Solvent Extractors' Association of India's Executive Director, B V Mehta, said in a statement here on Friday.
With the crushing season just starting, "we are sure this will give further relief to the solvent extraction industry and thank the Union Government and petroleum companies for considering our representation for reducing the hexane prices," Mehta said.
Earlier, petroleum companies had reduced prices by Rs 7,000 per kilolitre in two installments in the last two months.
Food grade hexane price in one year had been increased by Rs 23,000 per kilolitre from Rs 33,000 in July 2007 to Rs 56,000 recently.
ADVERTISEMENT
This had increased the processing cost by Rs 200-300 per tonne and had a direct impact on edible oil price and inflation.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
