look news india
Edible oil price hike by retailers: After the central government increased the import duty on edible oil last week, traders in the retail market have increased the price of oil. Last week alone, the prices of Singapore oil, cottonseed oil, palm oil increased by Rs. This week after a hike of Rs 100, an increase of up to 50 has been made. However, the central government has appealed to retail traders not to increase prices indiscriminately.
Import of 30 lakh tonnes of oil at low price
The central government believes that retailers should not increase the prices of edible oil drastically. Because, even before the duty increase, the country has already imported enough refined oil for 40 to 45 days. That is, more than 30 lakh tonnes of refined oil has been imported at zero customs duty. Therefore, the price increase on this is unfair.
Unprecedented price hike in Saurashtra oil market
The imposition of 20 percent customs duty on crude palm, soya, sunflower oil has led to a huge increase in prices in Saurashtra oil market. The price of cotton and palm oil has increased by Rs 50. The prices of sunflower, maize, mustard oil have also increased by Rs 50. In the current week itself, the price has increased from Rs 225 to Rs 275. The price of a can of cottonseed oil has increased to Rs. The price of a can of palm oil has increased to Rs 2130. This is about 1935.
Price hike in singoil too
Surprisingly, India is self-sufficient in terms of singoil and this year peanut cultivation has increased by 4 lakh hectares from last year to 47.49 lakh hectares. Gujarat also has cultivation in 19.10 lakh hectares, which was 16.35 lakh hectares last year. Last year also, in so many plantations, the state had a huge production of 46.45 lakh tonnes of peanuts. Despite this, oil mills in Saurashtra saw a hike in prices by Rs. 40 last week. Prices have increased this week too.