Why Are Edible Oil Prices Rising in Cuttack? Insights into the Market Trends

Recent Surge in Edible Oil Prices

Cuttack: In recent days, the cost of refined edible oil in Cuttack has seen an increase of Rs 10 per litre, while palm oil prices have also risen in the local market.

As per reports, refined oil that was previously available for Rs 160 per litre is now being sold at Rs 170 per litre at Malgodown in Cuttack, marking a change within just three to four days. Similarly, palm oil has experienced a price hike of Rs 5 per litre, moving from Rs 102 to Rs 107 in the same timeframe.

Prafulla Kumar Chhatoi, General Secretary of the Cuttack Chamber of Commerce, mentioned that this price escalation has been gradual rather than abrupt. He noted that the upward trend began in January and has persisted, with prices climbing by approximately Rs 20 to Rs 25 per litre during this period.

Chhatoi pointed out that while refined and palm oils have seen significant price increases, mustard oil has not followed suit. He attributed part of the price surge to the ongoing conflict in the Middle East, which has impacted edible oil imports.

Additionally, concerns about potential further price increases have led many consumers to buy oil in larger quantities. This heightened demand, coupled with limited supply, has contributed to the rising prices in the market.