In India, fuel prices have risen sharply in the last two months. Alongside, the price of domestic gas cylinder prices too has continued an upward movement. Both these things combined has hit the common man's pockets. However, this is not the end of the woes. As the people continue to battle the pandemic and the economic recession that it has caused, there is another price increase that they have to brace themselves for. The shortage of raw materials in the international market has led to an increase in edible oil prices.
The price of a 15 kg can of edible oil has gone up by INR 1,000 in the country as compared to April 1 last year. Also, prices of groundnut oil, palm oil and soybean oil have gone up. Therefore, ordinary citizens will now have to bear the financial burden of rising edible oil prices.
The shortage of crude oil in the international market, rising costs on imports and the rise in fuel prices have weighed on edible oil prices as well. As a result, edible oil prices have increased by 25 per cent.
In November 2020, the price of 1 kg of sunflower oil was INR 100. However, in March 2021, consumers will have to pay INR 160 for 1 kg of sunflower oil, an increase of INR 60. Soybean oil was priced at INR 90-92 earlier. It has now increased by INR 40. Therefore, consumers will have to pay INR 130 per kg for soybean oil.
India imports 80 per cent of its edible oil from Indonesia, Malaysia, Ukraine, Brazil and Argentina. The exporters have increased their tariffs by 30 per cent. Whereas, India has reduced the import duty to 10 per cent.
Share
Tweet
