Hyderabad: Consumers feel pinch of high edible oil prices amid panic buying
India Today
The price of edible oil in Hyderabad is continuously seeing a hike as people have resorted to panic buying. People are buying edible oil, fearing its shortage and price rise due to the ongoing Russia-Ukraine invasion.
People in Telangana's capital, Hyderabad, have started buying edible oil following reports of its shortage and price rise in India due to the ongoing Russia-Ukraine war. The price of edible oil in Pearl city is continuously seeing a hike in the city.
The ongoing war between Russia and Ukraine has spurred panic buying of edible oil by consumers, resulting in a steep rise in prices and hoarding by some unscrupulous traders in the city. In Hyderabad, people made a beeline for the supermarkets to stock the oil fearing its shortage, local media reports said.
The departmental stores in various malls and regular grocery shops have been witnessing quick purchases of cooking oil with people lining up in long queues. As per the reports, many households have resorted to storing edible oil for the next few months. The panic buying of cooking oil has further hiked prices.
Local media reports suggest that the cost of a 25 litre edible oil in Hyderabad is currently being sold at Rs 2,950. A month ago, the cost was around Rs 2,300 and traders predict that prices could soar further, making the situation even worse.
The on-going Russia-Ukraine war is likely to have an impact on the prices of edible oil, petrol, diesel, metals and wheat. With both countries being major exporters of wheat, prices have increased in India after war broke out. It had hit a lifetime high due to strong export demand for the food grain.
In the international market, oil prices have hit another record high as oil and gas costs increase amid fears of a global economic shock from Russia's invasion of Ukraine. The Indian economists fear a likely spike in inflation and widening of the current account deficit as some of the upcoming challenges for the Indian economy. They fear Gross Domestic Product (GDP) in the financial year 2022-23 is expected to be less than 8 per cent.
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