Edible Oil Prices: While on the one hand, the prices of vegetables are touching the sky, on the other hand, the cost of oil is also slipping out of hand. Now, the prices of edible oil have increased. Before the festive season, a tremendous jump is being seen in the prices of edible oil.
Anyway, the demand for oils increases a lot during the festival time, this is because during the festival time, various types of dishes are made in the houses.
People also make various types of sweets in their homes. The substantial jump has spoiled the people’s kitchen budget. According to government data, in the last one month, the prices of mustard oil have seen a jump of 9.10 percent and palm oil prices have seen a jump of 14.16 percent.
At the same time, the prices of mustard oil have seen a 26 per cent increase in the retail market and online grocery companies’ portals. Let us tell you that the cost of mustard has increased by 10 per cent, palm oil has risen by 15 per cent, soybean oil has increased by 8 per cent, and sunflower oil has increased by 10 per cent.
If reports are believed to be accurate, soybean and cotton farmers in Maharashtra will also get subsidies. The state government will give a subsidy of Rs 5000 per hectare. A maximum subsidy of Rs 10000 will be given per farmer. The Maharashtra government will provide subsidies to increase state production.
Why is the price increasing?
The central government’s decision to increase the import duty on edible oils has made it expensive to import edible oil. The government has increased the import duty on crude soybean, palm, and sunflower from zero to 20 per cent. Apart from this, the duty on edible oils has increased from 12.5 per cent to 32.5 per cent. Due to the government’s decision, all edible oils, from palm oil to soybean and mustard, have become expensive.