Cooking oil prices drop slightly, but rice rates surge across Karnataka markets
Edible oil prices in Karnataka declined ₹3-5 per litre and tins by ₹30-40 amid improved imports and PM Modi’s appeal. Meanwhile, rice prices rose nearly 10%, with Basmati increasing ₹90-115/kg and Jeera rice ₹180-220/kg due to exports and reduced old stock supplies.
Days after PM Narendra Modi appealed to people to reduce cooking oil usage, edible oil prices have slightly come down in the market. Prices of most cooking oil brands have reduced by Rs 3 to Rs 5 per litre, while a full tin has become cheaper by up to Rs 40. However, rice prices have increased sharply, especially Basmati and Jeera rice, due to higher exports and lower supply of old stock.
Reduction in edible oil prices brings small relief to consumers even as rice becomes costlier due to exports and supply shortage
Consumers are witnessing mixed trends in grocery markets as cooking oil prices have slightly reduced, while rice prices continue to rise across Karnataka.
The price drop in edible oils comes shortly after Prime Minister Narendra Modi appealed to citizens to reduce cooking oil consumption. Traders say the reduction is mainly due to improved import supply and increased availability in the market. Sources in the trade sector also indicate that the Prime Minister’s public appeal has indirectly influenced market movement.
According to market data, prices of almost all major cooking oil brands have reduced between Rs 3 and Rs 5 per litre. Apart from loose and packet oil rates, even large tins of cooking oil have become cheaper by around Rs 30 to Rs 40.
Palm oil prices have reduced from Rs 143 to Rs 141 per litre. Sunpure oil, which was earlier priced at Rs 170, is now being sold at Rs 167 per litre. Groundnut oil prices have also come down from Rs 190 to Rs 185 per litre.
While cooking oil has brought slight relief to households, rice prices have increased significantly in recent weeks. Traders say rates of all varieties of rice have gone up by nearly 10%.
According to market experts, the main reason behind the increase is the higher export of rice from Karnataka to other countries. In addition, supply of old rice stock has reduced considerably, leading to price pressure in the domestic market.
The sharpest increase has been seen in premium rice varieties like Basmati and Jeera rice. Basmati rice prices have increased from Rs 90 to Rs 115 per kilogram. Jeera rice has witnessed a major jump from Rs 180 to Rs 220 per kilogram.
Commonly used rice varieties have also become costlier. Sona Masoori rice prices have increased from Rs 40 to Rs 45 per kilogram, while Bullet rice rates have gone up from Rs 65 to Rs 75 per kilogram.
Traders believe prices may continue to fluctuate depending on supply levels, imports and export demand in the coming weeks.
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Source : News First Prime
