Edible oil prices up by 10/litre
Edible oil prices in Kolkata have jumped 10-11% in a week, with further hikes expected ahead of the puja season. The 20% increase in import duties on crude palm, soybean, and sunflower oils has driven up international prices, benefiting domestic farmers but hitting consumers. Prices may rise by Rs 5-6 more next week.
Kolkata: Prices of edible oil have gone up by 10-11% in the past week. The rates may go up further ahead of the puja, sources in the edible oil industry said. The Centre had advised the edible oil associations on Tuesday to maintain the MRP.Traders said prices across all categories may rise by Rs 5 to Rs 6 more by next week. An official of a leading edible oil brand said that in the past 10 days the price of edible oil, be it white oil or mustard oil, has gone up by more than Rs 10.
If one considers the last five days there has been an increase by Rs 5 to Rs 6. The president of Indian Vegetable Oil Producers Association (IVPA) and CEO of Emami Agrotech, Sudhakar Rao Desai, said that this is largely because of a hike in basic customs duty on imported edible oil along with a hike in international price of the crude edible oil in the international market. He argued that the basic customs duty was hike so that Indian oil seeds farmers get remunerative prices. Now, India imports 65% of its consumption of oil.Another source said mustard oil is not imported, but following the rise in price of other oils, producers of mustard would also revise price upward. In most markets the base price of white oil (soyabean, sunflower or palm oil) of different brands is hovering between Rs 115 and Rs 120, while the branded ones are much more pricey. Meanwhile, chief secretary Manoj Pant held a meeting on Tuesday with the task force committee members to keep prices of essential commodities under check. Officials and cops were asked to raid markets, too.
Source Link : https://timesofindia.indiatimes.com/city/kolkata/edible-oil-prices-surge-ahead-of-puja-festivities/articleshow/113438880.cms
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