Edible oil prices surge to highest level in over a decade. Here’s why

Edible oil prices have significantly increased in the country since last year, according to official retail price data. The Centre recently held a meeting with industry stakeholders to soften the prices as a large portion of the population depends on the commodity. Find out why edible oil prices are rising rapidly.

Edible oil prices in India have surged to the highest level in over a decade this month, resulting in distress among millions of Indian households. There rise in retail price of edible oils — mustard, vanaspati, soya, palm, sunflower and groundnut — is a blow to millions of poorer households in the country that have been financially hit during the second Covid-19 wave. The Department of Food and Public Distribution held a meeting with all stakeholders to discuss ways to address the issue of ‘abnormal rise’ in local prices on Monday. Food Secretary Sudhanshu Pandey asked states and industry stakeholders to find ways to soften the prices. There has been 62 per cent spike in the prices of domestic edible oil, according to Pandey.