World War 3 Effect: Increase in price of edible oil by Rs 15 to Rs 30 per kg during festive season! Housewives’ budget collapsed

• Because of the Iran-Israel war, the common man’s pocket is now a big cut
• Edible oil price hiked by Rs 13 to 15 per kg
• While India’s consumption of edible oil is huge, domestic production is significantly lower

World War 3 Effect: The increased tension in the Gulf countries and the Iran-Israel war have now put a heavy strain on the common man’s pocket. Due to the disruption of imports from the international market, the price of edible oil has increased significantly in the past few days, and the budget of the common man has collapsed in the run-up to the festive season.

According to the information received, the price of edible oil has increased by Rs.13 to Rs.15 per kg. This is mainly due to high prices of sunflower and soybean oil. War-like conditions have affected sea transport and supply chains, which has a direct impact on prices in the local market. This increase in the price of oil during the festive season has increased the anxiety of the housewives. If this tension continues at the international level, there is a possibility of further increase in the price of edible oil and other essential commodities in the coming time.

India’s diplomatic role in the Iran–Israel conflict; Dialogue for peace and oil trade also started

In the first week of the war, the price of edible oil rose by Rs 3 to 5 per liter (about 5%). Global tensions disrupted supply chains, increasing freight costs. As a result, the prices of sunflower, soybean, palm oil and blended oils also rose sharply. The war has increased the risks on international routes and the cost of freight has increased significantly. Due to this, domestic oil prices have also suddenly increased. Sunflower and soybean oil, as well as palm oil, widely used in households, have been hit the hardest by this inflation.

Additional dependence on imports is a challenge

While India’s edible oil consumption is huge, domestic production is significantly lower. That is, Karnataka is the largest producer of sunflower oil. It is also produced in Maharashtra and Andhra Pradesh. However, even this production is insufficient to meet the total demand of the country. This is why India has to import a major part of its requirements from countries like Ukraine, Russia, Argentina and Bulgaria. Imports from these countries have been hampered by the current world war situation. When there is a disruption in the supply of goods from abroad, prices in the domestic market automatically rise.

‘No talks with US…’; India gave a clear answer to Donald Trump on the deployment of warships in Hormuz

The impact of the price hike is felt the most in South Indian states. Sunflower oil, which was fetching Rs 161 per liter in the retail market just a week before the war intensified, has now touched Rs 165. This price hike is not only limited to one brand, but all major companies in the market have increased the prices of their products. Interestingly, the price of blended oils like ‘Safola Gold’, which is considered beneficial for health, has also gone up.

Market experts and traders have warned that sunflower and blended oil prices may rise further by Rs 10-15 per liter in the coming days if the global situation does not improve soon. The skyrocketing oil prices during the festive season has created an atmosphere of worry among the common consumers.