look news india
There is a sharp rise in the prices of edible oil during the festive season. There has been a huge increase of 37 percent in the price of palm oil in the last one month.
Along with this, prices of other oils have also increased. Due to oil becoming expensive on Diwali itself, the household budget of the families has got disturbed. Apart from homes, restaurants, hotels and sweet shops have been most affected by the increase in edible oil prices. Where edible oil is consumed the most. Looking at the current situation, there is now a strong expectation that the interest rate will be cut by the Central Bank.
Generally, mustard oil is used the most in most families. Whose price has increased by 29 percent in the last one month. Oil prices also rose at a time when retail inflation hit a nine-month high of 5.5 percent in September due to higher prices of vegetables and food items.
Last month, the government increased the import duty on soybean, palm and sunflower oil, which has put huge pressure on the prices of edible oil. Import duty on crude palm, soybean and sunflower has been increased from 5.5 percent to 27.5 percent. Apart from this, duty on refined edible oil has also been increased from 13.7 percent to 35.7 percent. Along with this, due to the significant increase in global oil prices in the last one month, the price of edible oil has increased at the local level. Due to all these factors there has been a huge increase in the price of imported edible oil in the country. Officials said prices of palm, soybean and sunflower oil have increased by 10.6 percent, 16.8 percent and 12.3 percent respectively in the past one month. 58% of the total demand for edible oil in India is met by imports. India is the second largest consumer of edible oil. And is the largest importer of vegetable oils. According to sources, consumers will have to pay higher prices for edible oil for the next few months. Since, the possibility of reduction in import duty is very less.