The prices of food grains have increased by thirty percent in the country, which the government is worried about report by The Times of India.
Peanut, mustard, sunflower, coconut all edible oils prices have increased. In the last one year, the prices of coconut, soybean and sunflower have been increased by 20-30 percent.
According to newspaper sources, this week a concern was expressed in a meeting of the group of ministers headed by Home Minister Amit Shah.
It was said in the meeting that the prices of onion in the country have come down due to the ban on exports, while the prices of potatoes are stabilizing, but the rising prices of edible oils are a matter of concern.
Last year, the average price of a liter of mustard oil was up to 100 rupees, while on Thursday it was 120 rupees a liter, Times of India reported.
The average price of mustard oil was 120 per litre on Thursday compared to 100 a year back. In the case of vanaspati, prices have increased to 102.5 per kg against 75.25 a year back.
The modal price of soybean oil was selling at 110 per litre while average price on October 18 in 2019 was 90. Similar has been the trend in the case of sunflower and palm oil.
Nearly 70% of the palm oil in the country is used by the processed food industry, which is the biggest bulk consumer. Industry sources now further said that it’s up to the government to take a call whether to reduce the import duty on palm oil considering that the increase in palm oil prices directly impacts prices of other edible oils.