Indore: The flames of the Russia-Ukraine war are all set to burn a hole in the pockets of the people during festivals and wedding season in the city.
India relies heavily on imports to fulfil the domestic needs of edible oil. Ramesh Khandelwal, president, Siyaganj Wholesale Kirana Merchant Association said, “Prices of major grocery items have soared due to the war in past 20 days. India imports over 70 per cent of sunflower oil from Ukraine and Russia but due to the war imports have dwindled and prices have shot up.”
Soaring edible oil prices will adversely hit not just household budgets but will also disturb the budgets of people during upcoming festivals and wedding season.
Prices of edible oils in Indore are up by Rs 100-400 per n (15 liters) in past 20 days. Due to Russia-Ukraine sharpest jump is seen in the prices of sunflower oil tin. Its prices soared by Rs 400 per and it is trading at Rs 2,630 per tin.
Jayant Goyal is a service manager at an oil mill that produces over 500 tins per day. He said, “Due to Holi and weddings the demand is at the peak in the retail market but bulk orders from wholesalers have declined by over 30 per cent due to hike in prices.”
Prices affect Siyaganj logistics: Soaring prices has also affected the logistics at Siyaganj, one of the oldest and largest kirana markets of Indore. Ghee prices in the market have gone up by over 25 per cent, said traders. Pushpendra Natani, a trader from Siyaganj said, “I have cut down on stocks because prices are very high and there is no certainty in the market. Consumer demand has also taken a hit due to high prices.”
Inexpensive options: Traders said customers may choose inexpensive oils: soybean oil, mustard oil and rapeseed oil over sunflower oil. In In indore soy oil is priced Rs 2,500 per tin- up by RS 300 per tin. Price of groundnut oil is Rs 2,600 per tin- up by Rs 100 per tin, according to Siyaganj Wholesale Kirana Merchant Association. TNN