The prices of edible oils in India are showing an upward trend, and the recent decline in the value of the Indian rupee could further escalate the costs. Consumers might have to prepare for increased expenses as all types of edible oils are witnessing price hikes. Let’s take a closer look at the price shifts in palm oil, soybean oil, peanut oil, mustard oil, and vegetable oil over the past month.
Palm Oil Prices on the Rise
According to data from CAIT, palm oil was being sold at Rs 140 per liter a month ago. However, its price has now surged to Rs 146 per liter, marking a noticeable increase within just 30 days.
Soybean Oil Becomes Costlier
Soybean oil, a widely used cooking oil in Indian households, has also seen a price jump. A month ago, it was available for Rs 128 per liter. Presently, the price has climbed to Rs 135 per liter.
Peanut Oil Shows a Slight Increase
Peanut oil prices have not remained untouched by this trend. Previously priced at Rs 183 per liter, it is now selling for Rs 185 per liter, reflecting a marginal hike.
Mustard Oil Prices Edge Upward
Mustard oil, another staple in Indian kitchens, has also witnessed an increase. A month ago, it was available for Rs 163 per liter. The price has now gone up to Rs 166 per liter.
Vegetable Oil Also More Expensive
Vegetable oil prices have followed suit, with an increase from Rs 148 per liter to Rs 150 per liter over the past month.
India Heavily Dependent on Imports
India imports approximately 60 percent of its edible oil needs. Over the last month, the overall price of edible oils has increased by around 5 percent. This surge is adding to the financial burden on households.
Government Duty and Rupee Depreciation Impact
It is important to note that the government imposed a duty on edible oils in September. Since then, oil prices have skyrocketed by nearly 40 percent. Additionally, the Indian rupee has depreciated by 5 percent against the US dollar, adding further pressure on import costs. This depreciation is likely to result in even higher edible oil prices in the coming days.
Brace for More Price Hikes
With the weakening rupee and increasing global prices, edible oils in India may continue to get costlier. Consumers should stay informed and plan their household budgets accordingly, as further price increases seem imminent.