Edible Oil Prices Rise Sharply

One major reason for price increases is the shift in edible oil usage from food to biofuel.
Sheena

Updated: Jun 01, 2021 04:22:17 pm

01 June 2021 Current Affairs:Prices for edible oil have risen dramatically in recent months.

Highlights: 
♦ Prices for six edible oils have risen: groundnut oil, mustard oil, vanaspati, soya oil, sunflower oil, and palm oil. 
♦ Consumption of edible oils has increased over the years due to rising incomes and changing food habits. 
♦ One major reason for price increases is the shift in edible oil usage from food to biofuel.
♦ Other reasons include increased Chinese purchases, labour issues in Malaysia, the impact of laNina on palm and soya producing areas, and the imposition of crude palm oil export duties in Indonesia and Malaysia.
♦ In order to reduce prices immediately, the import duty, which has risen due to the imposition of a cess after the budget, must be reduced.
 
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