After Diesel and Petrol, Edible Oil Price Increases Putting Kitchen Budget on Fire

Not only petrol and diesel prices are increasing but the common man is facing double trouble with rising prices of edible oil. This has also spoiled the kitchen budget of many households.  

There has been an increase of 95% in the prices of crude oil last year, and edible oils including soy oil also became expensive by 30-60%, and these increase in prices together is hitting the common man’s pocket. 

Crude palm oil price improved by Rs. 500 to Rs. 11,500 per quintal last weekend. And prices of Palm Olein Delhi and Palm Olein Kandla oil improved by Rs. 900 and Rs. 700 respectively to close at Rs. 13,400 and Rs. 12,400 per quintal respectively. Sesame mill delivery improved by Rs. 500 to Rs. 14,000-17,000 last week. 

As per market sources, in the soybean producing country Argentina, about 2000 hectares of the crop was scorched due to heat, and in the other soy producing country Brazil, due to excess rain and inclement weather, the production has been affected.  

The demand for mustard and indigenous oils has increased due to the expensive import of foreign imported oils, and the condition of the mustard mills which have been closed for around 30 years in Rajasthan has been changed, it has started getting work again.  

As per the belief of market sources, global prices of edible oil have improved the domestic prices of oil and oilseeds, there is also a possibility of further increase in oilseed production in the country. 

This year farmers have received an increased MSP for mustard and soybean, if the situation remains the same, farmers can increase the area under sowing of oilseeds instead of wheat and paddy. 

This will not only save crores of foreign exchange on the import of edible oils, but we will get foreign currency due to the export of surplus production.