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High Palm Oil Prices Burns Hole In Common Man Pocket

The higher prices of edible oils like palm oil, sunflower and groundnut oil are burning pockets of the middle class and lower middle class public in India. The consumption of these oils increase in this festive season which has become burden for the common man.

None of these oils are available for less than Rs 100. Earlier they were costing Rs 75 and in just two months the price hiked about 33 percent. As palm oil is used more by the food outlets and the hotels, owners of these shops are worried about the increased expenses.

Increase of the edible oil prices in the international market is cited the reason for high prices. India imports palm oil from Malaysia and Indonesia. In the next few months we might see these prices reach to new high levels as the Indian Govt put restrictions on buying oil from Malaysia.

Malaysian PM Mahathir has commented against new citizenship law and Kashmir, which did not go well with the Indian Govt. Involvement of external forces in Indian subject matters will not be accepted by anyone in India and the government imposed restrictions on imports of palmolein and refined palm oil.

In January 2019 one ton of refined palm oil is priced Rs 62692 which is now about Rs 90000 in the International market. Sunflower oil increased to Rs 96000 from Rs 78715. Usually traders mix low cost palm oil with other oils and sell it. Now as the palm oil price is also increased, it is affecting the price of other oils too.