Edible oil prices shoot up in Odisha as a result of Ukraine-Russia war

Bhubaneswar: Consumers in Odisha will have to shell out more to purchase edible oil as prices of the item have been increased.

As a result of the ongoing war between Ukraine and Russia, there has been a short supply of Palmolein and Sunflower Oil in the State. We mostly import sunflower oil from Ukraine and Palmolein oil from Indonesia, said Prafulla Chhatoi, Secretary of the Malgodown Traders’ Association.

The prices of the edible oil have been increased by Rs 20 per litre in the State. Consumers will cough up more money to purchase the item which is an outcome of the Ukraine-Russia crisis, Chhatoi added.

Before the price hike, Palmolein oil was being sold at Rs 155 per litre and Sunflower at Rs 150 per litre.

Also, prices of petrol and diesel are expected to spiral up in coming days as global crude oil prices have hit 10-year high at $117 per barrel.

“Even though oil marketing companies (OMCs) have kept the fuel prices unchanged for past few days, the prices are likely to go up after the Assembly Polls. This will happen anytime after March 7, the date on which the Assembly polls in different states in the country will conclude,” said Sanjaya Laath, General Secretary, the Indian Petrol Dealers’ Association.

India is a major crude oil importer in the world, and for it, the price range is a cause of concern as it may add Rs 20 to Rs 22 to petrol and diesel selling prices, if the OMCs decide to revise the current prices.

The sanctions imposed against Russia following its invasion into Ukraine will curtail global crude oil supplies and stifle growth.

It is worth to mention Russia is the third largest producer of crude oil in the world.