Edible oil prices are already facing an upward trajectory for the past couple of months due to shortage of sunflower oil supplies owing to the Russia-Ukraine war. Now with Indonesia having announced a ban on palm oil exports from April 28 onwards, they are expected to rise further and this is reflecting in prices of Vanaspati oil (packed) – an essential commodity in the Indian kitchen – which have gone up by Rs 13 to Rs 16 per kg across cities in the past couple of weeks.
Indonesia’s decision will further push edible oil prices, as India imports around 60 per cent of its palm oil from that country.
The Indonesian government’s decision to ban palm oil exports has come at a time when the price of Vanaspati (packed) has been gradually increasing in select cities across India in last two weeks.
According to the data available with Food Ministry’s Department of Consumer Affairs, the daily retail price of Vanaspati (Packed) has gone up by Rs 13 to Rs 16 per kg in the last two weeks (between April 10 and April 24, 2022).
While Vanaspati oil’s price in the national capital has risen only by Rs 2 per kg in the past two weeks, in some smaller towns and cities the rise has been as high as Rs 16 per kg.
In Gujarat’s Rajkot, Vanaspati oil’s price stood at Rs 156 per kg on April 24, having risen by Rs 16 per kg from Rs 140 per kg on April 10.
Similarly in Bihar’s Bhagalpur, Vanaspati oil prices have risen by Rs 15 per kg in the past couple of weeks and stood at Rs 161 per kg on April 24.
Cities and towns like Nagpur, Madhubani, Banda, Meerut and Ujjain saw prices of Vanaspati oil rising by Rs 13 to Rs 15 per kg during the period under study.
With rising prices of such essential commodities, the common man’s monthly budget is going to come under severe pressure in the coming days.