new Delhi. The effect of the ongoing Ukraine-Russia war is now visible on cooking oil as well. This fight has deeply hurt the economy of many countries of the world. The effect of this fight is now visible in India too. In many parts of the country, the prices of mustard oil, refined oil are not only increasing but are also disappearing from the market. According to the traders associated with the grocery market, before Holi, the highest increase in the prices of cooking oil is seen in refined oils. These also include soybean oil, sunflower oil and palm oil.
Federation of All India Edible Oil Traders believes that there are many big reasons that have arisen in the country and abroad recently, due to which the prices of edible oil are increasing continuously. Amidst the news of increase in the prices of edible oils in the international market, the prices of these oils started increasing in the local market as well. Traders say that the price of refined oils has increased the most in the last ten days. At the same time, its stock is also decreasing for the last few days. Talking about cooking oil, in the last two weeks, its rates have increased by 20 to 30 rupees per liter. Along with this, the prices of desi ghee to vegetable ghee have also increased by Rs 25 to 30 per liter.
Why did the price of refined oil rise?
Significantly, refined oil in India is imported from other countries. Although the central government had reduced the import duty in palm oil by 10 percent, but due to some new reasons, this relief also did not affect the prices. India lags far behind in the production of edible oils. India imports about 60 percent of the total consumption from abroad. Except for palm oil, most of the remaining refined oils come from Argentina, Brazil and Ukraine. Palm oil also comes from Malaysia and Indonesia. Similarly, when it comes to sunflower refined oil, more than 90 percent of its import dependence is on Russia and Ukraine. Now due to the war, imports from these two countries have stopped completely.
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According to the Central Organization for Oil Industries and Trade, the price of refined oil in the international market had started rising even before the war broke out between Russia and Ukraine. The prices of the cheapest selling palm oil have also increased these days. Palm oil, once sold at half the cost of mustard oil, is getting costlier by Rs 10-15 per kg as compared to mustard oil from abroad. Between February 25 and March 3, its price has increased by $ 200 per ton. For this reason, the prices of all types of edible oil, including soybean, sunflower, have started increasing.
Tags: cooking, Edible oil, edible oil price, oil markets, Russia ukraine war
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