Cooking oil prices increase, hit home budgets

BENGALURU: After the hike in bus, Metro and milk prices, people now have to bear the rise in cooking oil prices. The price of coconut oil has shot up Rs 300 per litre while the price of other edible oils has also been increasing over the past month. This includes a hike of Rs 10-20 per litre in sunflower, palm, groundnut, sesame and coconut oils, according to oil traders.

Normally, temperatures in the state rise from mid-March. However, this time, temperatures have been rising since late January, leading to increased use of coolers. This, combined with the rising price of copra, has affected coconut oil prices.

The price of copra has risen from Rs 8,000- Rs 8,500 per quintal a year ago to Rs 14,500-Rs 15,000 now. The high demand for coconut oil due to its increased use in coolers has led to a shortage in supply. The direct impact of this shortage is being felt on coconut oil prices, leading to a rise in prices.

As a result, the price of one litre of coconut oil has increased by Rs 50. There are also allegations that cooking oil is being hoarded in godowns. The APMC Traders’ Association has urged the Food and Civil Supplies Department to to address the issue.

Ranganath, owner of a shop selling cooking oil, said, “This is a big blow to the common people. We are not able to manage the crisis and lead a normal lifestyle. Salaries haven’t increase in tune with the hike in prices of household commodities. The price of the coconut oil is also increased and a raw coconut, used commonly in houses, costs is Rs 60 to Rs 70 per piece”.

Arun, a trader, said, “Prices have been increased by Rs 10 per litre. If prices increase 5-6 times a year on edible oil, what will poor people do? Why did the Food and Civil Supplies Department keep silent over the price hike? Are they creating an artificial shortage to raise prices? Is it not imposing a burden on common people like us? This is not fair at all. The authorities concerned should take some actiont to control price hike”.