Priyam Patel, managing director of Ahmedabad-based edible oil brand NK Proteins, said cottonseed oil prices are expected to rise by about 5 per cent later this year, ahead of the festive season. âIf there is more demand in the market during the festive period (between August-November), we will see a rise in edible oil prices. This is because the supply for indigenous oils is limited. If we talk about cottonseed oil, its availability is expected to remain critical,â Patel said on the sidelines of the 5th SEA-AICOSCA Cottonseed, Oil and Meal Conclave 2024 held here.
âThis year, the monsoon has been delayed. The estimated supply of cottonseed oil will not be sufficient. If demand remains high, we will see prices rise by âı5 per kg,â said an official from a company selling edible oil under the Tirupati brand. One liter of cotton seed is currently selling at âı115-130 in the retail market of Ahmedabad.
Consumption of edible oils is increasing at the rate of 5-7 percent per year. About 10-11 lakh tonnes of cotton seed oil is produced in India, of which 65 percent is consumed in Gujarat alone.
Talking about NK Proteins expansion plans, Patel said, âOur focus as a company is on indigenous oils, because that is where the growth is going to come from. We are planning to introduce different types of indigenous oil in different areas of the country. We will set up a mustard oil manufacturing facility in Rajasthan. “The company’s edible oil refining capacity is 1,775 tonnes per day,” he said.
