Cuttack: Prices of refined edible oil in Cuttack have reportedly increased by Rs 10 per litre over the past few days, while palm oil has also become costlier in the local market.
According to a source, refined oil that was earlier selling at Rs 160 per litre is now priced at Rs 170 per litre within a span of three to four days at Malgodown in Cuttack. Palm oil has also recorded a rise of Rs 5 per litre, increasing from Rs 102 per litre to Rs 107 per litre in the same period, the source added.
Cuttack Chamber of Commerce General Secretary Prafulla Kumar Chhatoi said the price increase has been gradual rather than sudden. According to him, the upward trend started in January and has continued since then, with prices rising by around Rs 20 to Rs 25 per litre during this period.
He noted that the increase has been more pronounced in refined and palm oil, while mustard oil has not witnessed a similar sharp rise. Chhatoi said the conflict in the Middle East has also contributed to the surge by affecting edible oil imports.
At the same time, fears of further price hikes have prompted many consumers to purchase oil in larger quantities. The combination of higher demand and limited supply has pushed prices upward in the market, he added.
PNN & Agencies