New Delhi: Adding to the woes of the common man who is reeling under high prices of veggies like onion, cooking oil prices have surged by up to 62% in last one year, hurting the household budget of consumers, reports PTI.
According to experts, retail prices of edible oils are likely to remain firm in the coming months and there is no sign of its cooling off in the wake of high global prices.
Prices of cooking oils—sunflower oil, groundnut oil, mustard oil, soya oil and vanaspati—have surged sharply in various parts of the country by up to 62% as on 14th January from the year-ago period, according to the data maintained by the consumer affairs ministry.
The maximum rise in retail prices was witnessed in sunflower oil, which rose by 62% to Rs110 per kg in Delhi on 14th January from Rs68 a kg on the same day last year.
Whereas in Kolkata and Chennai sunflower oil prices during the period under review stood at Rs75-Rs85 a kilo, the data showed.
In Delhi, soya oil prices increased by 43% to Rs83 per kg from Rs58 a kg while groundnut oil rose by 19% to Rs134 per kg from Rs113 per kg during period under the review.
In Kolkata, prices of the edible oil were ruling at Rs68 a kg while groundnut oil stood at Rs110 a kg in the retail market.
Similarly, mustard oil and vanaspati prices in the retail markets of Delhi have risen by up to Rs21 to Rs78 per kg and Rs77 per kg, respectively. A similar upward trend was seen in other metros as well.
Mumbai-based edible oil industry body Solvent Extractors Association executive director BV Mehta said, “Edible oils prices in the domestic market have gone up significantly from last year and may continue remain high in the next few months because of the global market.”
Globally, prices of edible oils have increased by 15% in the last one year, thus making imports costlier for India, the world’s biggest importer of edible oils, he said.
India imported 8.82 million tonnes of edible oils like palm oil, soya oil and sunflower oil in the 2009-10 crop year (November-October). The country imports largely edible oils in crude form and refines it for the domestic sale.
An edible oil expert said that sunflower oil prices have risen maximum because of the shortage of the crop in Bulgaria.
Besides, the acreage under the crop in India has also come down, he added.
Food inflation still continues to remain high at 16.91% for the week ended 1st January.