22 Aug 2019 (Economic Times) New Delhi: Consumers will have to pay 3 per cent more for palm oil, 4 per cent more for soyabean oil and 6 per cent more for sunflower oil with the rupee getting devalued by 4 per cent in the past one month, said edible oil companies. With India importing nearly 70 per cent of its annual consumption of edible oil, which is at 23.5 million tonnes, the devaluation of the rupee has made imports costlier, said the industry.
Retail prices will increase in a week's time, they said. This will be the second increase this month.
In the first week of August, edible oil companies in wholesale increased soya bean oil by 3 per cent to Rs 85 a litre, palm oil by 2 per cent to Rs 62 a litre and sunflower by 5 per cent to Rs 90 a litre.
“In a week’s time consumers will have to pay more for edible oil prices. Soyabean oil will increase by Rs 3.5 per litre, plam oil by Rs 2 a litre and sunflower by Rs 5 a litre,” said Angshu Mallick, deputy chief executive at Adani Wilmar.
Unlike the previous time when prices increased owing to the spurt in global sunflower and soyabean prices, this increase was due to rupee devaluation, said Mallick. “The rupee has reached 71.70 and we don’t expect commodity prices to come down till mid- September,” he said.
Edible oil is the biggest ingredient in Indian cooking and is used for preparing food, frying and making sweets.