Since edible oil ranks as Pakistan’s second-largest import, local oilseed crops are vital.
Despite the strong performance of the previous year, prices have dropped this year, prompting farmers to switch to wheat and reduce cultivation and production. However, even decreased production hasn’t been enough to support the market this year.
Prices for mustard are said to be between Rs. 6,500 and Rs. 6,000 per maund in Bahawalpur, Bahawalnagar, Okara, and Chichawatani, and between Rs. 6,000 and Rs. 6,200 in areas like Rahim Yar Khan and Layyah.
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The December highs from the previous year, which exceeded Rs. 7,200–7,500 per maund in some areas, are less.
A market specialist informed ProPakistani, “November and December are usually the high months for this crop, but the prices have remained low due to the strict crackdown on smuggling and decline in International Palm Oil prices during recent weeks.”
In the following two months, prices may rise if purchasers and the general public become aware of the reduced supply, he continued, but outside of that, the likelihood of price increases is minimal.
Due to rising stockpiles in China and India as well as increased production of rival vegetable oils, CPO futures have fallen by more than 20 percent since the year’s beginning.
Experts in the sector, such as Fitch Ratings, predict that the trend will persist in 2024, perhaps causing a ripple effect on Pakistan’s domestic market.
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