India's Mustard Oil Prices Experience 18.54% YoY Decline in W3 Amid Global Edible Oil Price Drop

During W3, India's mustard oil prices saw an 18.54% YoY decline, reaching USD 1.48/kg compared to USD 1.82/kg in 2023. Although there was a slight increase from the previous week, the 2023 mustard oil price ranged significantly lower than the 2022 range. The global decline in edible oil prices has created challenges for domestic oil markets, impacting local farmers and mills, as the MSP for mustard oil is higher than imported oils, leading to increased pressure and market complexities.