Business

Mustard oil, vegetable oil like edible oil prices rise up to 30%, why are prices increasing

The rising prices of edible oil are continuously increasing. Average prices of all edible oils – groundnut, mustard oil, vegetable, soybean, sunflower and palm – have risen. Apart from these, the prices of palm, soybean and sunflower oil have increased by 20 to 30 percent. Rising prices of edible oil remain a cause of concern for the government. This is the reason why the government is considering ways to reduce its prices.

Onions were imported to reduce rising prices. Onion prices have come down due to imports of around 30,000 tonnes and potato prices have stabilized, but edible oil prices have been steadily rising. The issue was discussed before a group of ministers headed by Home Minister Amit Shah.

Figures obtained from the Price Monitoring Cell of the Ministry of Consumer Affairs show that the average price of mustard oil was 120 per liter on Thursday, compared to Rs 100 per liter last year. The price of vegetable oil was 75.25 a year ago, which has now increased to 102.5 per kg. The average price of soybean oil was selling at 110 per liter while the average price was Rs 90 on 18 October 2019. The same trend has been observed in the case of sunflower and palm oil.

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The decrease in palm oil production in Malaysia in the last six months is a major reason for the rise in the prices of other edible oils. About 70% of palm oil in the country is used in the food processing industry, which is the largest wholesale consumer. According to industries, the government now has to consider whether to reduce the palm oil import duty because the increase in palm oil prices directly affects the prices of other edible oils.

Market prices: decrease in price of gram fork, tur, moong, urad

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