Edible Oil Price Rise: Mustard and Soybean Oil Become Costlier Again, Check Latest Government Rates

Edible Oil Prices Update: The prices of edible oils have been rising rapidly once again, increasing by 39 percent over the past year. If this trend continues, the retail inflation rate, which has been declining for the past three months, may be disrupted. This could also pose a setback to the RBI’s plan to boost growth and reduce the repo rate. According to data from the Ministry of Consumer Affairs, the price of groundnut oil, which was Rs 190 per litre on February 14, 2024, has now crossed Rs 192 per litre. Similarly, the price of mustard oil has risen from Rs 136 to Rs 169 per litre, marking a 24 percent increase. The price of vegetable oil has also risen by 21 percent, from Rs 125 to Rs 151 per litre over the same period.

Statistics show that soybean oil has also become 19 percent costlier. Its price has increased from Rs 122 to Rs 145 per litre. Sunflower oil has risen by 27 percent, with its price increasing from Rs 123 to Rs 156 per litre. The highest increase, 39 percent, has been seen in palm oil. A year ago, it was priced at Rs 99 per litre, but it has now crossed Rs 137.

Impact of Palm Oil Price Increase on Daily Use Items

The rise in palm oil prices affects daily-use products. FMCG companies use palm oil extensively to produce items like soap and shampoo. As a result, the price increase leads to higher inflation for these products. Recently, FMCG companies have significantly raised the prices of their goods.

Price Hikes in Potatoes and Onions

Potatoes and onions have also become more expensive over the past year. The price of potatoes has risen from Rs 22 per kg to over Rs 25 per kg, while onions have increased from Rs 32 to Rs 36 per kg. In retail markets, the prices can be even higher.

Tomato Prices Drop in Wholesale, Farmers Struggling to Recover Costs

On the other hand, tomato prices have dropped to Rs 3 per kg in wholesale, making it difficult for farmers to recover their costs. As a result, many are leaving tomatoes in the fields. However, in the retail market, tomatoes are still being sold at Rs 20-25 per kg. Tomato farmers in Chhattisgarh, Madhya Pradesh, and Maharashtra are facing significant losses. In Chhattisgarh’s districts like Durg, Jashpur, and Balod, tomatoes are being sold for Rs 2 in wholesale and Rs 5 in retail.

Good Tomato Cultivation in All States, But Farmers Struggling

Tomato cultivation has been good in all states. Traders in Chhattisgarh note that tomatoes from the region used to be exported to Maharashtra, Bengal, and other states, but this year, production in other states has been higher. Additionally, while tomatoes from Chhattisgarh used to be exported to countries like Pakistan, Bangladesh, and Nepal, exports to all countries except Nepal have stopped in recent years.