Karnataka govt hikes price of cooking oil amid festive season; 20% rise in 10 days
By Vinaykumar Patil | First Published Sep 27, 2024, 2:58 PM ISTThe price of cooking oil in Karnataka has surged by 20% over the past 10 days, adding financial strain during the festive season. Rising costs of essential goods, including vegetables and pulses, are burdening households, while traders blame increased import duties and high demand for the hike.
The price of cooking oil has surged by nearly 20% over the past 10 days, adding to the financial strain on people celebrating the festive season in Karnataka. With the rising cost of essential goods, the public is feeling the pinch, especially in the "guarantee government" that has ironically seen both men’s and women’s cooking oil prices shoot up.
In addition to the increase in cooking oil prices, essential goods like milk, pulses, and vegetables have become costlier in recent weeks. Liquor prices have already been raised three times, with critics claiming the state government is burdening people with additional costs. Now, the festive season has brought yet another price shock with the steep rise in cooking oil prices. Instead of focusing on controlling these prices, the state government appears more engrossed in politics, leaving citizens struggling.
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The prices of essential vegetables, including onions, tomatoes, garlic, and pulses, have risen sharply, making festival preparations more expensive for people. With cooking oil prices now following suit, many households are finding it difficult to manage their festive spending. In just two weeks, the cost of cooking oil has increased by 20%, with some brands seeing a rise of Rs 20 per litre.
Last week, a 15-litre tin of cooking oil was priced between Rs 1,550 and Rs 1,570 in grocery stores. However, after the recent price hike, the same tin now costs Rs 1,700, marking an increase of Rs 200 in just 10 days. The price per litre of cooking oil has risen by Rs 20, adding to the financial burden on consumers. Traders, however, attribute this increase to a rise in import duties and higher demand during the festival season.
The import duty on cooking oil and oilseeds has been raised by 25%, pushing prices up even further. With the demand for cooking oil increasing over the past month due to festivals, traders say this is the main reason behind the price hike across all major brands.
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Cooking oil brands have seen the following price increases:
- Sun Pure Oil: From Rs 105 to Rs 126
- Gold Winner: From Rs 102 to Rs 126
- Freedom Oil: From Rs 115 to Rs 124
- Ruchi Gold: From Rs 98 to Rs 112
- Gemini Sunflower: From Rs 110 to Rs 127
- Fortune: From Rs 115 to Rs 126
- Dhara: From Rs 115 to Rs 130
The sudden hike in cooking oil prices is yet another blow to consumers already dealing with the rising costs of other essential goods. Despite the outcry from the public, the government has so far remained silent on any measures to curb the price rise. Traders have also warned that if the demand continues to increase, prices may go up further in the coming weeks.
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