The rise in edible oil prices could worry you this festive season. Looking at the September inflation data, prices of pulses and vegetables have gone down. But edible oil prices have gone up sharply. The inflation rate for edible oil in June reached 17.75 percent. Experts say edible oil prices may rise more with the festive season coming.
Even the government’s duty cut has not helped reduce edible oil prices. Mustard oil prices have gone up by 27 percent and sunflower oil by 31 percent. Mustard oil now costs ₹178 per liter, compared to ₹140 per liter last year.
Prices of other edible oils have also increased over the past year. Vegetable oil cost ₹124 per liter a year ago, and now it is ₹157 per liter.
Edible Oil Prices Are Going Up
- The price of sunflower oil was ₹122 per liter last year. Now it is ₹160 per liter.
- Palm oil has gone up from ₹99 to ₹130 per liter.
- Soybean oil has risen from ₹120 to ₹146 per liter.
Prices of pulses and vegetables have gone down, but edible oil prices are still high.
June Inflation Numbers
Food prices in June went down. Retail food inflation reached the lowest in 74 months.
Vegetables are 19% cheaper than last year. This is why food prices are lower.
But edible oil prices are rising. The inflation for edible oil in June was 17.75%.
Government Duty Cut
The government reduced the customs duty on crude oils like sunflower, soybean, and palm oil from 20% to 10%. This will help reduce oil prices for customers. The move also changed the duty difference between crude and refined oils from 8.75% to 19.25%. The government wants to help people by keeping edible oil prices lower.