Edible oil prices go through the roof, commoners feel the heat

Ludhiana, April 15

Consumers are feeling the heat of skyrocketing edible oil prices after the rates increased by 20-40%.

The increase is attributed to the Ukraine-Russia crisis, after which the supply of edible oil has been tightened. This has also resulted in the spike of prices of domestic edible oils. India is a net edible oil importer and it depends on imports from countries like Ukraine, Indonesia for more than 50% of its cooking oil needs. Meanwhile, 90% of its total sunflower oil imports come from Ukraine and Russia.

According to trade experts, the price of the edible oil in the coming days depends upon the war situation and if the situation continues to be the same, the prices of edible oil can see a new high.

Sushil Jain, president of Punjab Oil Millers Traders and Association, said the Russia-Ukraine crisis had led to an increase in edible oil prices as a majority of these were imported from there. “Mustard oil is produced locally and we had a good crop this year but still the prices have not come down as expected,” said Jain.

Bhushan Sood, dealing in wholesale oil supplies, said market pressure and increased demand had led to the increase in prices. “On the one hand is the Ukraine crisis due to which edible oil is not being supplied and on the other, trade sanctions imposed by the Indonesian Government have affected palm oil exports. The prices of sunflower and cottonseed oil have increased from Rs 125 to Rs 175-180 per kg within a short time.”

“The prices of cooking oil have increased by Rs 30-40 per litre. The retail price of cooking oils like cottonseed and soyabean has shot up from Rs 135 to Rs 175 this year. Sunflower oil is priced at

Rs 180 in the retail market,” said Siddharth, a store owner from Ferozepur Road. —