Prices of cooking oils, which have increased by between Rs 3.50 and Rs 11.60 a kg since March 1, are likely to increase further in the medium term.
With crude oil showing signs of recoveryfrom the downturn, as also is the global economy, a host of commodities, led by vegetable oils, are showing signs of rising.
Vegetable oil prices have been gaining due to a slew of factors, including strengthening of crude oil prices, falling inventories (particularly in the case of palm oil) and fears of lower soyabean output.
Palm oil has been the one that has increased the most since March 1. It has increased in Mumbai market to Rs 457 for 10 kg as on Friday from Rs 339 on March 1. The increase has been the least in the case of rapeseed/mustard oil to Rs 520 for 10 kg (Rs 485). Rapeseed/mustard oil still is the second costliest edible oil in the country after sesame oil, which is currently ruling at Rs 740 for 10 kg.
With crude oil showing signs of recoveryfrom the downturn, as also is the global economy, a host of commodities, led by vegetable oils, are showing signs of rising.
