Russia-Ukraine war raises prices of edible oil, gold-silver, steel, aluminum

Effects felt in the city gets hit even after being thousands of kilometers away

Aurangabad, Feb 24:

Russia is 4983 km from Aurangabad and Ukraine is 5235 km away. War broke out between the two countries. However, the effects of war have reached the city that is thousands of miles away. Prices of edible oils, gold and silver, iron, aluminum, steel and casting have skyrocketed in the city.

Increase in edible oil prices

India is a major importer of sunflower oil from both Russia and Ukraine. As soon as the war broke out, imports stopped and oil prices soared. Wholesale price of sunflower oil rose by Rs 8 per liter on Thursday. Prices had been on the rise for eight days, with signs of war looming.

Soybean sees rising

Soybean prices have been rising in the international market for the last four days. The price of Soybean in Aurangabad rose by Rs 400 and reached Rs 6,701 per quintal, Gangapur by Rs 7,220 and Lasur Station by Rs 7,000 per quintal.

Gold-silver shine

As news of the war spread, gold and silver prices in the city reached a one-and-a-half-year high by noon. Gold rose to Rs 53,000 per 10 grams and silver to Rs 69,000 per kg. But then gold fell by Rs 800 and silver by Rs 2,000. "The price of gold will go up to Rs 54,000 per 10 grams and the price of silver to Rs 70,000 per kg, if the war escalates," said Girdhar Jalnawala, Gold-silver trader.

No government control

Whether Central government or state government, no one has control over inflation. The country has enough stocks of any item for three to four months. Inflation in the name of war is wrong, said Vijay Jaiswal, president, Zilla Vyapari Mahasangh.

Will affect the industries

If there is a war anywhere in the world, it affects the industrial area. Most of the auto components are exported from Aurangabad to Europe and America. In comparison, the export to Russia and Ukraine is low. Rising petrol-diesel could make freight in the country more expensive. However, the war will reduce medicine exports to Russia and Ukraine and could hit the pharma industry hard, said Prasad Kokil, chairman, CII Marathwada Zonal Council.