Select edible oils extend gains on persistent buying

NEW DELHI: Prices of select edible oils continued to rise at the wholesale oils and oilseeds market today on persistent buying from vanaspati millers to meet rising demand amid the government raising import duty on crude and refined edible oils.

Traders said apart from persistent buying by vanaspati millers and retailers to meet rising demand, hike in the import duty also buoyed the sentiments.

Meanwhile, the government raised import duty on both crude and refined edible oils by 5 per cent to protect the interest of domestic farmers and oil processors amid fall in global prices, a move that may lead to rise in retail prices.

The customs duty on crude oil has been increased to 7.5 per cent from 2.5 per cent earlier, while the duty on refined edible oil has been raised to 15 per cent from 10 per cent.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils gained Rs 100 each to Rs 6,650 and Rs 6,350 per quintal, respectively.

Mustard expeller (Dadri) oil also advanced by Rs 200 to Rs 7,900 per quintal.