Why oil prices are rising in India,Daily edible oil prices

Big businessmen and bookies are involved in the oil game,Why oil prices are rising in India do you know some people took advantage of the opportunity and hoarded, All India Edible Oil Traders Federation said.

Like diesel and petrol, the price of edible oils is also on fire. In the last one year itself, there has been an increase of up to Rs 100 per liter. Government meetings convened for price control are proving to be rituals. The prices of palmolein oil, mustard oil and soybean are all sky high. The question is, what are those reasons and government orders, due to which some people are earning billions in the oil game and the public is getting hit by inflation?

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Shankar Thakkar, national president of All India Edible Oil Traders Federation, says that banning palmolein oil from Malaysia is the biggest reason for this. The second reason is the hoarding done by some people by taking advantage of the opportunity. Due to the high dependence on imports, the change in prices in the international market also affects the domestic price of edible oil. But this time the ratio of increase in price is very fast.

Why oil prices are rising in India Increase in per capita consumption

Thakkar said that the price of edible oils in India is being fixed in the international market. Domestic demand has increased due to population. But oilseeds production has not increased at that level. Per capita consumption is also increasing rapidly. The cost of edible oils was 600 grams per person per month about seven years ago. Which has now increased to 900 grams. This has happened due to overeating and dependence on outside things.

Import game

India started importing palmolein from 1970 and till now is dependent on imports only. We were importing 70 per cent of palmolein oil from Malaysia and Indonesia. While soybeans have been imported from Brazil and Argentina and sunflowers from Russia and the UK. Some used to order raw palmolein and some used to get refined palmolein.

The domestic production of edible oils is only 30 per cent. Therefore he is unable to control the price in the market. Always the 70 percent part is heavy. The international market of oil affects the price here.

Ban on imports from Melasia

According to Thakkar, our relations with Malaysia turned sour last year. So the government thought of importing less edible oil from Malaysia and banned it. Then from April 2020, Malaysian refined oil stopped coming.

Crude palmolein oil is coming from Indonesia right now. But there are not so many refineries in India that these goods can be refined on time and reach the public. In a state like Maharashtra, only two refineries are functioning. So the supply of goods is getting interrupted.

Very few people in our country are involved in the import of edible oils. They have a tendency to make huge profits by taking advantage of this opportunity. He hoarded edible oils. To take advantage of the opportunity, businessmen from up to America have jumped into this business. The bookies are playing the game of oil in the market by investing money. They increase the price whenever they want, due to which the public has to pay a higher price.

Why oil prices are rising in India then what should the government do

According to Thakkar, start importing refined palmolein oil. The government has imposed 35 percent import duty and Krishi Kalyan Cess on edible oils. It should be removed. Five percent GST (GST) on it should be abolished till the price is controlled. The government itself should provide oil to the people at a low price through the public distribution system.

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