Vegetable oil prices in India and around the world - from Soybean to Vanaspati have shot up. An index maintained by The Food and Agriculture Organization of the UN indicates a level of 162 in April 2021 vs 81.2 a year ago
In India, demand for Palm oil, largely comes from Hotel, caterers but the lockdown has curbed that. However, Malaysia, India's key Palm oil supplier has seen its prices hit record high levels. While palm oil consumption may be down, soft oils like sunflower oil, mustard oil and soybean oil are used more widely by households in India, and are expected to be unaffected as more people stay at home. But that won't be the case for household bills. Till a year ago, Soybean oil was at Rs. 70-80/ltr. Today, Soybean is available at Rs. 165-170/kg.
Listen in to this report on the reasons behind the rise and what the govt is doing to curb prices
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