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Edible Oil Prices Spoil Kitchen Budget

by GoNews Desk 4 days ago Views 281
Edible Oil Prices Spoil Kitchen Budget
In the time of rising inflation amid the Coronavirus pandemic, now edible oil prices have also become a cause of concern for the government. In the past year, the average rates of all edible oils - groundnut, mustard, vegetable and palm oil - have increased, while palm, soybean and sunflower oils have increased by 20 to 30 per cent. This has exacerbated the budget of the already-distressed common man.

According to the Department of Consumer Affairs’ Price Monitoring Cell, the price of one litre of mustard oil in the capital Delhi was Rs 121 on 18 November 2019, which has increased to Rs 155 per litre on 19 November 2020 this year, from Rs 124 to Rs 162 per litre in Mumbai, and from Rs 101 to Rs 137 per litre in Kolkata this year.

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Whereas the price of one litre of vegetable oil was Rs 91 per litre in the capital Delhi on 18 November 2019, which has increased to Rs 116 per litre this year. In Mumbai, the price has increased from Rs 89 per litre this year to Rs 115 per litre, while in Kolkata last year the price of one litre of vegetable oil was Rs 72 which has increased to 100 per litre.

Similarly, the price of one-litre sunflower oil has increased from Rs 117 in the capital Delhi to Rs 150 per litre this year, from Rs 93 in Mumbai to Rs 139 per litre this year. Whereas the price has now increased to Rs 135 from Rs 102 per litre in Kolkata.

The palm oil, which was Rs 87 per litre in Delhi last year, has increased to Rs 110 per litre this year. In Mumbai, the price has increased from Rs 75 to Rs 109, while in Kolkata it has increased from Rs 85 to Rs 104 per litre.

It is being told that the decrease in palm oil production in Malaysia in the last six months is a major reason behind the rise in prices of other edible oils. About 70 percent of palm oil in the country is used by the processed food industry, which is the largest wholesale consumer. According to industry sources, the government now has to consider whether to reduce the import duty on palm oil, as the increase in palm oil prices directly affects the prices of other edible oils.

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