Cottonseed oil prices likely to rise by Rs 5-6 per litre during festive season
cottonseed oil is anticipated during the festive season due to heightened demand even though the cotton yield this season has surpassed expectations, industry officials said.
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Historically volatile, the sector has experienced stability over the past few months, a trend likely to persist for the next 3-4 months. This abundant supply has benefited consumers, stabilising prices of this essential commodity.
Industry participants warn that this year's sowing patterns may impact next year's cotton yield. As per the latest data from the Solvent Extractors’ Association of India, sowing of cotton in 2024 has been carried out in 102.05 lakh hectares until July 19, a dip of approximately 3.61 per cent compared to 105.66 lakh hectares in 2023.
Priyam Patel, Managing Director of NK Proteins Private Limited, on the sidelines of an event organised by Indian Vegetable Oil Producers’ Association, said, “There has been a noticeable shift in sowing preferences towards groundnut, other grains, and millets. In regions like Punjab, farmers are reluctant to sow cotton due to anticipated damage from pink bollworms. This shift may cause market volatility in the supply and demand of cottonseed oil next year.”
Both government and private players are actively promoting alternative oils, such as rice bran oil, which faces fewer supply issues compared to other
