Iran conflict pushes up edible oil prices
Pune, March 4 -- Escalating tensions involving the United States of America, Israel, and Iran have begun to reflect in Pune's wholesale markets, with edible oil prices rising by Rs.3 to Rs.4 per litre. Traders said the impact will be felt in the retail market within the next few days.
According to wholesalers, the sharpest increase has been seen in sunflower oil, although prices of other edible oils have also risen. "If one oil becomes expensive, the rest follow," traders said, citing the interlinked nature of the market.
Raikumar Nahar, wholesale trader and former president of the Poona Merchant Chamber, said, "The war between Iran and Israel has directly affected edible oil prices. In the wholesale market, almost all oil prices have increased by Rs.3 to Rs.4 per litre. A 13-kg container has become costlier by Rs.50 to Rs.60."
Sachin Ranka of Neelam Traders, who operates in Nashik and Ahmednagar districts said, "Retail prices will increase in the next two to three days as most shopkeepers are still selling old stock." Ranka added that India is dependent on imports for oilseeds and edible oils. "Prices of sunflower, groundnut and coconut oil have all gone up. Groundnut output is lower this year, which has already pushed up prices. Coconut production is also down, and coconut oil has been expensive," he said.
Retailer Dhanlaxmi from Sahakarnagar said, "We were selling at old rates as we had existing stock. Once we buy new stock at higher prices, we have no option but to revise rates."
Meanwhile, traders at Gultekdi market yard said prices of imported dates are also expected to rise soon. "Dry fruit prices usually increase during Ramzan. We have sufficient stock, but imported dates may become costlier shortly," a trader said....
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