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The fierce war between Russia and Ukraine continues. Meanwhile, there is a lot of possibility of increasing inflation. The fear of shortage of edible oil and fuels in the midst of the war also remains among the people. In such a situation, many Indians are busy stocking edible oil and fuel. There is a fear among people that Russia’s invasion of Ukraine may lead to a shortage of edible oil. The assembly elections being held in many states in the country have been completed. In such a situation, the effect of increase in global crude oil prices can be seriously affected in the country. Messages are also being spread on social media that the price of edible oil may come down due to war. Many people are reducing the consumption of edible oil.
People engaged in stocking edible oils
Significantly, in less than a month, edible oil prices have seen a jump of more than 20 percent. Along with this, fake viral messages about the shortage of oil on social media have also created panic among the people of the country. India imports edible oil in huge quantity. India imports more than 90 per cent of its sunflower oil from Russia and Ukraine. However, sunflower oil accounts for about 14 per cent of the total edible oil imports. BV Mehta, executive director of Mumbai-based Solvent Extractors Association of India, said supplies of other edible oils – such as palm oil, soya, rapeseed oil and groundnut – are in sufficient quantities. He said that people need not panic.
Inflation likely to increase after elections in 5 states
State-owned oil companies, which control the domestic market, have not raised prices since November 4 due to elections in several major states, including Uttar Pradesh, the country’s most populous state. With the end of the seventh and final phase of the Uttar Pradesh assembly elections, consumers fear that the government may now take steps to increase the prices. Some farmers are stocking diesel because they are afraid of a rise in its prices. Let us tell you that on Monday, oil prices have reached their highest level since 2008.
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