There has been a sharp rise in the prices of edible oil in the last one year. According to the Ministry of Consumer Affairs, Food and Public Distribution, the average prices of all edible oils -- groundnut, mustard, vanaspati, soybean, sunflower, and palm have increased by up to 20-30 per cent. In a few cities, the prices have increased by 50 per cent.
The ministry said that a litre packet of mustard oil in Jaipur now costs Rs 135, a rise of Rs 45 from last year. Similar is the situation in Delhi, Lucknow, and Patna where prices have gone up by 28 per cent. In Bhopal and Kanpur, mustard oil prices have increased by 22 per cent and 14 per cent, respectively.
According to the ministry data, groundnut, vanaspati, sunflower, and palm oil prices have also gone up significantly.
Experts say that oilseeds and oil prices have increased in the international market that has led to a rise in edible oil prices in India.
According to BV Mehta, the Executive Director of Solvent Extractors' Association, India imports 70 per cent of edible oil to meet its requirement. And the rise in the international market has contributed to the spike in Indian prices.
"The prices will start easing by December as Kharif oilseeds supply will pick up the pace," he told India TV.
According to the reports, the Rabi season saw a record production of oilseeds. The Karif season is also expected to see a record production. But it only fuilfils 30-35 per cent needs.
According to the Ministry of Agriculture's estimate, oilseeds production is expected to be 257.29 lakh ton in this year's Kharif season. In the last Rabi season, oilseeds production was 111.06 lakh ton.