12/07/2008 (The Economic Times), New Delhi - Edible oil prices fell across the board during the week ending Saturday, registering a decline of up to Rs 450 per quintal in the national capital on stockists selling, sparked by weakening global oil markets.

In the edible section, groundnut mill delivery oil suffered the most among the edible oil when it dipped by Rs 450 to Rs 6,800 a quintal on poor offtake. Groundnut solvent refined followed suit and shed Rs 10 to Rs 1,240-1,290 a tin of 15 litre.

Trading sentiments on the domestic markets were dampened after Palm oil in Malaysia declined for the first time in three weeks amid record supplies from Indonesia and Malaysia, which control 90 per cent of the world's production.

Meanwhile, palm oil stockpiles in Malaysia, the second-largest producer, climbed to a record 2.04 million tonnes in June, the Malaysian Palm Oil Board said.

Palm oil and soybean oil, mostly used in food, often follow crude prices as vegetable oils can be used for alternative energy.