Edible oil gets expensive for consumers in Diwali

Aurangabad, Nov 3:

Prices of edible oil prices in the city have gone up by Rs 10-15 per litre ahead of Diwali. The price hike may affect the rates of readymade Diwali faral and sweets.

Demand for edible oil increases during the festive season where it is used for preparing food and sweets. At present, Sunflower oil is sold at Rs 115, soybean oil at Rs 105, cottonseed oil at Rs 100 and palm oil at Rs 95. Trader Jagannath Basaiye said that prices of soybean, cottonseed and palm oil have gone up to Rs 100 for the first time. A small family of three requires 15 litres of oil a month. Now that it is Diwali, the demand increases to 20 litres. Prices have gone up by Rs 10-15 per litre in the last month. Consumers have to pay Rs 200 more for 20 litres. However, prices of groundnut oil and safflower oil are stable, as their price is more than Rs 150, 80 per cent consumers buy soybean and cottonseed oil. The palm oil used to be the cheapest oil, but now it has gone up to Rs 95 per litre. As a result, consumers prefer to buy sunflower and soybean oil.

Heavy rains spoil oil seeds

The returning torrential rains have caused severe damage to the oilseed crop this year. Exports are also permitted. Import of palm oil from Malaysia has declined. This has resulted in a rise in the price of edible oil.

Prices to come down after Diwali

After Diwali, soybean, cottonseed and groundnut oil prices will come down. Currently, prices have gone up due to low income and high demand for the festival said oil trader Kishor Mitkar.

Curb profiteering

Homemaker Seema Bhalerao said, "Many jobs were lost due to the lockdown. The salary of many has been reduced. In such a scenario, it is wrong to increase the price of essential commodities. The state government needs to curb profiteering during the festive season."

Prices comparison in litre

Edible oil October 1 November 1

Soybean oil Rs 94 Rs 105

Cottonseed oil Rs 94 Rs 100

Palm oil Rs 94 Rs 95

Sunflower oil Rs 100 Rs 115

Peanut oil Rs 145 Rs 145

Safflower oil Rs 165 Rs 165