Edible oil prices up due to West Asia crisis: Govt

New Delhi - The West Asia crisis has affected edible oil prices both globally and domestically, but local availability remains sufficient as imports from key supplying nations continue through standard trade channels, according to the government's report to Parliament. Minister of State for Food and Consumer Affairs Nimuben Jayantibhai Bambhaniya explained that India's dependence on imports for a large portion of its edible oil needs means domestic prices are tied to world market shifts.

The recent conflict in West Asia has driven up global crude oil costs, transportation expenses, and marine insurance rates, which have subsequently pushed international edible oil prices higher. These increased prices have also shifted more palm and soybean oil production into biofuel markets, decreasing export availability and causing a rise in global and domestic edible oil prices, she detailed.

Despite the price hike, the government stated that edible oil supplies in the country are adequate, with imports from major supplying countries continuing uninterrupted through regular trade routes. Adequate stock levels are present, and imports from leading supplier countries are proceeding smoothly, Bambhaniya assured.

The minister also provided data showing the rising retail prices of various edible oils over the past six months. Groundnut oil (packed) prices went from Rs 190 per kg to Rs 206 per kg; mustard oil increased from Rs 186 to Rs 196 per kg; soybean oil jumped from Rs 151 to Rs 164 per kg; sunflower oil rose from Rs 169 to Rs 189 per kg; and palm oil surged from Rs 133 to Rs 148 per kg.

The government is keeping a close eye on the prices and availability of edible oils in the domestic market. It is prepared to take appropriate market intervention steps, such as reviewing import duties and other trade measures, if needed to maintain sufficient supplies and stabilize prices for the benefit of consumers.