Edible Oil Prices Skyrocket Ahead of Festivals

Nizamabad:Prices of edible oils have been skyrocketing in the undivided Nizamabad district in recent days, creating difficulties for consumers ahead of the Dasara festival. With many residents looking to stock up on oil for the celebrations, the steep price hikes have adversely impacted their purchases. Retail shops and supermarkets have raised oil prices over the last fortnight, leading to widespread concern among shoppers.

Some corporate supermarkets have even stopped selling edible oils due to the price fluctuations, exacerbating the challenges faced by consumers trying to meet their monthly requirements. The Central government’s increase in import duty on edible oils on September 13 has been a significant factor in the recent price volatility.

The price of oil packets has risen by Rs 20-30 per litre in the retail market. Commonly purchased oils, such as sunflower, palmolein, and groundnut, are now selling at alarming rates. Sunflower oil has reached Rs 130 per litre, palmolein oil at Rs 125, rice bran oil at Rs 135, and groundnut oil is priced at Rs 160. Consequently, families from poorer and lower-middle-class backgrounds are struggling to afford these essentials.

K. Gangadhar, a private teacher, expressed his frustration to Deccan Chronicle, stating, “The sudden rise in edible oil prices has adversely affected us. As a family, we buy both sunflower and palmolein oils in large quantities. With the upcoming Dasara and Diwali festivals, this increase is impacting all consumers.”

Ramya, a sales representative at a supermarket, noted that customers have been voicing their grievances over the rising oil prices. She mentioned, “The difference between the maximum retail price (MRP) on oil packets and the computer billing has led to controversy.” She explained that supermarkets have halted the sale of oil packets while management determines the new pricing.

Eateries and hotels are also feeling the pinch of rising oil prices. Some establishments are reportedly using substandard oil for food preparation in hopes of alleviating costs. Many are confident that prices will stabilise in the coming days as local manufacturers may refrain from further increases.