Poor and middle-class people are getting bewildered by rising cooking oil prices in the Greater Hyderabad Range. "If the rates increase like this, how can they buy in the coming days?" they are worried. The black-marketing is also equally responsible for this price hike along with the Russia - Ukraine war. With this, the prices of sunflower oil, palm oil, and groundnut oil are currently on the rise.
The central government has also reduced the import duty to put a stop to the rising cooking oil prices. However, some people are deliberately inflating prices. Despite the vigilance from the officials, the MRP rule is not followed anywhere. About 80 percent of the world's sunflower oil is exported through the Black Sea. But Russia is creating an obstacle.
The Russian army has been in Ukraine since last February. It is a known fact that prices have gone up because of this. In addition, Indonesia, currently the world's largest producer of palm oil, has decided to impose restrictions on exports of edible oil and its raw materials to reduce domestic shortages. Economists expect food inflation to rise further in the coming days with the decision by Indonesia. India is the largest consumer of palm oil in the world. The decision by the Indonesian government will have serious implications. If this is the case, the cooking oil prices will go further up.