Diwali around the corner, edible oil prices soar, dulling household, restaurant budgets
Palm oil prices have risen by 37% over the past month, impacting household budgets and increasing costs for restaurants, hotels, and sweet shops that use the oil for preparing snacks, TOI reported.
Mustard oil, a commonly used oil in households, has seen a 29% price increase in the same period.
This rise in oil prices comes as retail inflation reached a nine-month high of 5.5% in September, driven by high vegetable and food prices. This development has reduced the chances of the Reserve Bank of India cutting interest rates for now.
The government increased import duties on crude soybean, palm, and sunflower oils last month, contributing to the price rise. Import duties on crude palm, soybean, and sunflower oils were raised to 27.5% from 5.5%, and on refined edible oil to 35.7% from 13.7%, effective from September 14.
These oils make up a large part of India's edible oil imports.
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