Last Updated on May 15, 2021 by Bansari
Edible Oil is thus extracting man’s oil. Edible oil prices have doubled in the last one year. Soybean oil benchmark June contract on NCDEX reached a high of Rs 1,454. Palm Oil’s May CPO contract on the MCX touched Rs 1,249 and is currently trading near Rs 1,245.
Still no relief
Rising demand for edible oil due to growing fears of an epidemic could have an adverse effect in the near future and put a brake on its price rise. Soy and palm oil prices may remain under control for the next few days but this will not last long. Its price is expected to reach a higher level in May.
How much edible oil prices have risen
The burden of inflation is also increasing on the man who is facing Corona’s beating. From palm oil to peanut, sunflower and fern oil prices have doubled in one year. In May 2020, the price of palm oil was Rs 76 per kg, but after one year, in May 2021, the price has gone up to Rs 137 per kg. At the same time, in May 2020, the price of groundnut oil has gone up to Rs 196 per kg. International prices are a major contributor to its dependence of up to 70 per cent. The supply chain has also been disturbed in the wake of Corona. In countries like Malaysia and Indonesia, production has also declined in the wake of Ramadan and lockdowns.
The prices of these items also went up
Rising edible oil prices will now push up the cost of companies manufacturing products such as chocolate, pastries, soaps, lipsticks and biofuels, as well as their prices. However its effect can be clearly seen. The rise in edible oil prices is now turning into normal inflation. Everything from restaurant meals to chocolates, pastries, soaps, lipsticks and biofuels are on the rise and now prices are going up. According to experts, the demand for corona and rising inflation will not only reduce demand, but also change the food habit of Indian consumers.