BENGALURU: The Middle East conflict is affecting various sectors in the state, and now cooking oil trade is facing the impact. Traders are facing supply issues and unsold stock. Gas cylinder shortages have led to hotel closures and menu cuts. As a result, cooking oil trade has dropped by 15-20 per cent.
The Middle East conflict is causing problems in the state, affecting common people. One sector after another is facing difficulties since the war started, adding to the burden on both traders and the public. The issue is with cooking oil prices, which have been rising quietly.
Prices change daily, with a hike of Rs 1-2 per litre every day for the past week. The conflict is causing disruptions in shipments from countries like Russia, a major sunflower oil supplier to India. With hotels buying less, wholesale traders are struggling to clear their stock. Hotel purchases have dropped by 15-20 per cent, hitting the cooking oil trade hard.
Rakshit, a trader, told Public TV, “Due to the war situation, prices are varying every day. We can’t even decide if we should have stocks or not. Companies are also not releasing stocks and Russia has also increased export duties which will affect prices. The LPG short supply has affected sales by 10-15 per cent as hotels are closed and some have trimmed their menus. We can’t predict what will happen”.
Though cooking oil prices have dropped by 15-20 per cent, that’s not necessarily good news for consumers. The bigger concern is the uncertainty and potential future price hikes. The conflict’s impact is being felt across sectors, and it’s hard to predict what’s next.
