War impact: Fresh surge in edible oil prices; up by Rs 10 per litre in 16 days

Lokmat News Network

Chhatrapati Sambhajinagar:

The ongoing conflict in West Asia has begun to impact the daily lives of common citizens, with a fresh rise in edible oil prices reported in local markets. Within 16 days since the conflict escalated, prices of major edible oils have increased by around Rs 10 per litre.

Retail traders say that sunflower oil, soybean oil and palm oil have witnessed a noticeable price rise due to uncertainties in the global supply chain. As India imports a large portion of its edible oil requirements, fluctuations in international markets are directly affecting domestic prices.

In local markets, retailers have increased prices over the past two weeks. In several places, the price of sunflower, soybean and palm oil has risen by up to Rs 10 per litre. If the war situation continues, further increases in edible oil prices cannot be ruled out.

Retail prices rise within 16 days

Type of edible oil Feb 28 (per litre) March 15

Sunflower oil Rs 160–164 Rs 172–176

Soybean oil Rs 138–140 Rs 148–150

Palm oil Rs 140–142 Rs 150–152

Prices nearing COVID-era levels

During the COVID-19 pandemic, edible oil prices had reached record levels due to import disruptions. At that time, sunflower oil had touched Rs 195 per litre, soybean oil Rs 170, and palm oil Rs 155 per litre.

“Edible oil prices are rising again, partly due to the increasing value of the dollar,” said trader Shrikant Khatod.

Supply delays reported

Traders said uncertainty in supply chains is also affecting deliveries. Grocery shopkeepers are stocking edible oil according to demand, leading to about 15 per cent higher sales than usual.

“After placing an order, the supply from oil mills is arriving only after about five days. If the war situation had not occurred, edible oil prices would likely have decreased,” said a wholesale trader, Rakesh Pandey.

Daily consumption in the city

Approximately 100 tonnes of edible oil are sold daily in the city:

Soybean oil – 60 tonnes

Sunflower oil – 20 tonnes

Other oils – 20 tonnes