Now Reading: West Asia crisis pushes edible oil prices up, govt tells Parliament
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West Asia crisis pushes edible oil prices up, govt tells Parliament
The government told Parliament on Wednesday that edible oil prices have risen due to the West Asia crisis, but domestic availability remains "adequate" as imports continue through usual trade routes. Minister of…
The Story in Brief
The government told Parliament on Wednesday that edible oil prices have risen due to the West Asia crisis, but domestic availability remains "adequate" as imports continue through usual trade routes. Minister of State for Food and Consumer Affairs Nimuben Jayantibhai Bambhaniya said in a written reply to the Lok Sabha that higher global crude oil prices have pushed up freight and insurance costs and diverted more palm and soybean oil towards biofuel production, reducing export availability.
Average retail prices for groundnut oil have risen to Rs 206 per kg, mustard oil to Rs 196 per kg, soybean oil to Rs 164 per kg, sunflower oil to Rs 189 per kg, and palm oil to Rs 148 per kg over the last six months. The government is monitoring the situation and is prepared to review import duties and other trade measures to stabilise prices, the minister added.
The Indian Opinion
The government's assurance of adequate stocks sits uneasily with a Rs 15-18 per kg jump across most edible oils in just six months. The narrative that geopolitical events abroad are solely to blame lets domestic policy off the hook. Import duties on edible oils have been tinkered with repeatedly in recent years, often protecting crushers more than consumers. The real test is whether the government will now cut duties sharply to bring down retail prices, or wait for the West Asia crisis to resolve on its own. Watch for the next import duty notification.
Source: freepressjournal.in
This story was synthesised by AI from the source linked above.
