Edible oil prices go up as Ukraine reels under attacks

KAKINADA: Even as hundreds of students from the two Telugu speaking states are having a harrowing time in war-torn Ukraine, local traders here in Andhra Pradesh jacked up edible oil prices, citing the war as a reason.

According to trade experts, oil prices can be increased further in the coming days. As soon as the war began in Ukraine, oil prices were hiked by traders. Consumers alleged that the traders created artificial shortages and hiked the prices on the pretext of war and this was not correct. Consumers are wondering how the oil prices can be hiked immediately after the beginning of the war. They appealed to the state government to control the prices by taking immediate steps on the oil companies and traders. According to consumers, palm oil prices were at Rs 135 per litre before the war and now it is available at Rs 142.

Sunflower oil was at Rs 145 and now it is available at Rs 165. However, the traders made it clear that there was no artificial shortage of oil. They said the companies reduced the supply of the oil to the wholesale market and consumers also were buying oil in large quantities, expecting the prices may be hiked further. It caused a shortage of edible oils.

Wholesale oil dealer Grandhi Babji of Kakinada told Deccan Chronicle that the oil companies had hiked the prices at 8 per cent, after the beginning of the war in Ukraine and they also reduced the quantity of supply of oil to half and under these circumstances, there was a shortage of quantity in oil and also hike in prices.

According to another trader, the state and the Central governments usually conduct raids on wholesale dealers and retail merchants. But the governments should keep an eye on the oil companies and control the prices at the companies level.