BENGALURU: The rising petrol and diesel prices due to the Middle East conflict effect are having a huge impact on the country’s economy. The effect has also hit cooking oil and prices are also heading upwards.
The effect of the Middle East war is impacting the common man within the country by increasing problems one by one. Since the war began, one sector or another has been facing hardship, and in the meantime, the increased petrol and diesel prices are delivering an even bigger blow, causing prices of food items and other essential goods to rise.
Now, price hike of another commodity is quietly delivering a shock to common people. For the past few days, cooking oil prices have been quietly rising gradually, starting to cut into the common man’s pocket without them even realizing it. Prices of all types of cooking oils are changing daily.
For the past week, there has been a daily increase of one to two rupees. As a result, the heat of the price hike has started to hit common people. While the primary reason for this is the war, another reason is the petrol and diesel prices rising due to the war.
Already, because of the war, sunflower oil that was being supplied from foreign countries is not being fully imported. Along with this, transportation costs have increased due to the rise in petrol and diesel prices in the country, which is also causing cooking oil prices to rise. The wholesale price itself has increased by Rs 2-5 across every brand. Retail prices have increased by another Rs 2-3 on top of that, increasing the burden on the common man.
Brand — Wholesale — Retail
Sunpure — 167-169 — 172
Freedom — 167-170 — 173
Ruchi Gold — 137-142 — 146
Gemini — 171-174 — 178
Fortune — 160-165 — 170
The price hike has also had a serious impact on business. Usually, during price hikes, people tend to buy more thinking it might increase further. But here it’s different. After the price hike, purchases have also declined. Customers who come are expressing disappointment about the price rise. Traders say this hike will not stop for now. They say that the price changing daily right now is just a sample, and it wouldn’t be surprising if it increases further in the coming days.
“The prices of cooking oil have risen and we can’t say how long it will go on like this. The hike in petrol and diesel prices along with the rise in prices of plastic films due to the war have contributed to the rise in prices of cooking oils. We are getting supplies, but sales are down. Prices can only rise further, but it won’t come down”, said Rakshit, an trader in cooking oil.
Overall, even the kitchen is now reeling under the price hike, and anxiety is increasing about what the situation will be like in the coming days.
