Edible Oil Prices Goes Up Due to Festival Demand

According to a report, the price of soybean oil, which is primarily used in homes for cooking foods, has increased by Rs 250 per tin of 15 kg over the last 15 days in the wholesale market. The reason for the steep hike in prices of edible oil is due to the Diwali festival.

A trader told the media that every year before Diwali festival, the demand for edible oil increases in the market. The price of soybean oil in the Itwari wholesale market is currently at Rs 2,200 per 15 kg tin, as compared to Rs 1,950 per 15 kg tin in the previous 15 days.

The price of groundnut oil is currently quoted at Rs 2,750 per 15 kg tin, up from Rs 2,650 per 15 kg tin, and the price of rice bran is currently quoted at Rs 2,100 per 15 kg tin, up from Rs 2,000 per 15 kg tin over the previous 15 days. Similarly, palm oil is currently quoted at Rs 1,700 per 15 kg tin, up from Rs 1,650 per 15 kg tin.

According to sources, the cost of sunflower oil is Rs 2,150 for a 15-liter tin, compared to Rs 2,100. In the last 15 days, the price of a 910-gram packet of soybean oil sold in retail increased from Rs 135 to Rs 145. Given the adequate supply entering the market to prevent prices from rising, it is anticipated that soybean oil packet prices will not rise above Rs 155 per liter.

The new soybean produces to the market by the month's end will help keep prices in check. According to sources, the cost of soybean oil could decrease from its current levels in the wholesale market by another Rs 50 to Rs 100 per quintal at that time.