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LATEST NEWS UPDATES | Why edible oil prices are ruling high despite good crop and muted demand -Tina Edwin

Why edible oil prices are ruling high despite good crop and muted demand -Tina Edwin

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published Published on May 26, 2021   modified Modified on Jun 2, 2021

-MoneyControl.com

India’s production of oilseeds is too little to provide for the domestic demand and therefore is dependent on imports.

The average retail prices of edible oils rose to their highest in May with soyabean oil prices climbing to nearly Rs 150 for a kilo and sunflower oil to Rs 170. The prices of both edible oils have jumped around 50% from the levels prevailing when the country was under a national lockdown. Retail prices of other edible oils too jumped. Mustard oil was up 40% to Rs 165 a kilo, groundnut oil climbed 20% to Rs 175 and palm oil by 50% to more than Rs 130 a kilo. Even the humble vanaspati prices soared 40% to Rs 130 a kilo. A similar increase was also seen in the prices of rice bran oil.

While higher prices shocked consumers around the country, the jump was not sudden. Rather, the price rise began gathering momentum over a year ago. Data collated by the department for consumer affairs show that prices rise began to quicken as early as January 2020 and picked up the pace while the country was under a nationwide lockdown. Similar trends were seen in the wholesale prices of edible oils.

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MoneyControl.com, 26 May, 2021, https://www.moneycontrol.com/news/business/economy/explained-why-edible-oil-prices-are-ruling-high-despite-good-crop-and-muted-demand-6954431.html


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