A Review of the Nigerian Energy Industry

Refiners slash rates of imported oils

Jamnagar oil refinery15 June 2014, Mumbai – The edible oil markets witnessed higher trading volume on Thursday as local refineries reduced their rates for palmolein, soya oil and sunflower oil by ₹5-7 for 10 kg tracking bearish reports from the overseas markets. On the Bombay Commodity Exchange, imported palmolein and soyabean refined oil declined by ₹4 and ₹5 for 10 kg each. Cotton and rapeseed refined oil dropped by ₹5 and ₹8 each. Liberty sold about 750-800 tonnes of palmolein at ₹551, Ruchi sold about 350-400 tonnes at ₹550 ex Patalganga, soyabean refined oil 350-400 tonnes at ₹631 and 300-350 tonnes of sunflower refined oil at ₹635. Allana sold 250-300 tonnes of palmolein at ₹546-547 ex-JNPT. Towards the day’s close, Liberty was quoting palmolein for ₹550, super palmolein ₹565 and soyabean refined oil ₹645. Ruchi was quoting palmolein at ₹550, soyabean refined oil ₹633 and sunflower refined oil ₹637. Allana was quoting palmolein at ₹549/552 ex-JNPT/Khapoli, soyabean refined oil ₹635 and sunflower refined oil ₹650.

In Saurashtra, groundnut oil Telia tin was ₹1,080 (1,080) and loose (10 kg) was ₹680 (₹690). Malaysia BMD crude palm oil June contracts closed higher at MYR 2,390 (MYR 2,380) and July MYR 2,411 (MYR 2,386) and August MYR 2,403 (MYR 2,379).

BCE spot rates (₹/10 kg): groundnut oil 730 (730), soya refined oil 635 (640), sunflower exp. ref. 575 (575), sunflower ref. 640 (640), rapeseed ref. oil 670 (678), rapeseed expeller ref. 640 (648) cottonseed ref. oil 640 (645) and palmolein 547 (551).

In this article

Join the Conversation