Edible oil prices rise by up to 30%, set off rm bells
NEW DELHI: Rising edible oil prices has become a cause of concern for the go nment. The average prices of all edible oils - groundnut, mustard, vanaspati, soybean, sunflower and palm - have increased, with the spike in the case of palm, soybean and sunflower oils by up to 20-30% in the last one year.
Sources said this was flagged at a presentation before a Group of Ministers headed by home minister Amit Shah early this week. They added while prices of onion have reduced due to import of nearly 30,000 tonnes and potato prices have stabilised, edible oil prices have been increasing constantly.
Data accessed from the consumer affairs ministry's price mon oring cell show that the average price of mustard oil was 120 per litre on Thursday compared to 100 a year back. In the case of vanaspati, prices have increased to 102.5 per kg ag inst 75.25 a year back. The modal price of soybean oil was selling at 110 per litre while average price on October 18 in 2019 was 90. Similar has been the trend in the case of sunflower and palm oil.
Sources said the reduction in palm oil production in Mysia in the past six months has been one of the reasons behind increase in prices of other edible oils. Nearly 70% of the palm oil in the country is used by the processed food industry, which is the biggest bulk consumer. Industry sources now said it's up to the go nment to take a call whether to reduce the import duty on palm oil considering that the increase in palm oil prices directly impacts prices of other edible oils.
Bhadwa Jhooti Party
now seless Feku Bhakts will keep quiet on this news.
Hopefully price of poison is stable
Welcome to New India
This feku go nment is yet to priritize issues of attention even after two terms in office- economy and pocket of the poor and middle class are not its prime concern; its focus of attention are statues, temples, buying of MPs and MLAs
Pyari THE RAVAN
Price of abolishing article 370. .... Mysia supplier for edible oil criticized gt. Gt terminated import contract... now prices high.....
Some feku minister will say they don’t consume oil so they don’t care
All because of Nehru...
no, it was due to dinosaurs ..
It shows again that Feku, aka Surrender Modi, has failed in each and every aspect. Ironically enough, after 6 years of Feku's Acche Din, everything is deteriorating in this country. The economic growth hits 74-year low since Independence.
The failed BJP GOVERNMRNT HAS TOTALLY DESOYED THE COUNTRY. Record petrol diesel prices/LOOT.
Humanity comes first
Our economy has entered recession this is bound to happen
Onion prices reduced? Yes reduced by rs 10 from 70, still no where around 20. Potato price stable? It's 45 per kg which was 20 in normal times.
Even beer prices are rising up. Irritating.
Oil got expensive now how bhakts will dry pakodas?
Iqbal S Kapasi
So what, it was the importers who stop buying palm from Mysia in modi interest. Now pay the price.
so it takes one whole year for the Gt to realiise that prices of Edible Oil has increased by 30 % . ??????
K Mohan Twincities
Sried class and the common man is facing the bring of increased rates that is too muc burden
Everything going up excepting workers sries.
Dear Modiji, when Indians will expect 1Rs.=1doller.
Voice Of Sanity
Don't eat fried, eat boiled
Well thanks to RBI for printing so much money, that inflation is rampant.