Rise In Price Of Edible Oil Hits People’s Home Budget

Pune, 31st March 2021: The prices of edible oil are rising steadily since last month and have hit the consumers. Considering the previous few months, the cost of all edible oils has gone up by Rs 40 to Rs 60 per kg, and large imports of edible oil are being made from abroad.

According to traders, the rise in prices was due to declining oilseeds production, train transportation costs, and an increase in import duty.

60 to 65 percent edible oil has to be imported from abroad, considering the country’s total demand. India, the world’s second-largest importer, imports 1.5 million tonnes of edible oil every year. The country needs 225 lakh tonnes. However, it produces only 80 to 85 lakh tonnes of oil.

“Corona infection increased in March. Since then, edible oil prices have been growing steadily. Also, climate change in oil-importing countries led to a decline in oilseed production”, said Kanhaiyalal Gujarati, a trader of edible oil at Pune Market Yard.

Another trader added, “The corona pandemic has caused a shortage of labour abroad. Similarly, transportation costs for oil imports increased. Due to the non-availability of containers for transportation by sea, the import of edible oil from abroad has come down, and the price has gone up sharply.”

Price of Edible Oil (15 kg can)

Edible Oil Types – price in March 2021 – price in March 2020

Peanuts – Rs 2550 to 2650 – Rs 1600 to 1700

Refined peanuts – Rs 2400 to 3000 – Rs 1800 to 2300

Soybean – Rs 2000 to 2100 – Rs 1200 to 1300

Vinegar oil – Rs 2000 to 2100 – Rs 1200 to 1300

Sunflower – Rs 2400 to 2500 – Rs 1200 to 1300