Govt urged to take measures as groundnut oil prices witness sharp rise

By Ashwani Maindola

The All India Edible Oil Traders’ Confederation has urged the Government to take measures to arrest the recent hike witnessed in oilseeds prices. According to Shankar Thakkar, president of the confederation, oilseeds have witnessed a sharp increase in prices, particularly impacting ‘groundnut oil’, which is affecting the consumers directly.

He said that despite a good crop yield in areas like Saurashtra (Gujarat), groundnut oil has witnessed a sharp increase in prices from Rs. 5 to Rs. 12 per litre. “This has created a ripple effect in the market adding to overall inflation,” said Thakkar.

‘Although, the prices of other oilseeds remained stable,’ he added.

The retail market price per litre of groundnut oil is hovering around Rs. 190 while the wholesale price per 10kg is around Rs. 1,860.

According to Thakkar, a large quantity of groundnut is exported, particularly to China. “It is regretful that domestically produced oilseed like groundnut is exported to countries like China instead of using for domestic use while we as a country are dependent on edible oil imports,” said Thakkar.

The edible oil traders reiterated their demand for a domestic oilseed production scheme and also urged the government to immediately stop the export of oilseeds to arrest the price rise in the domestic edible oil market.

This article has been republished from FNB