Edible oil
Representational Image

SRINAGAR — The alleged sale of edible oil in the black market by the traders in many parts of the Valley has triggered the scarcity of oil amid the Russia-Ukraine war.

The consumers alleged that they are forced to buy the oil at exorbitant rates. They said that the poor and low middle-class people only face hardships.

According to the traders, the prices of edible oils have increased by around Rs 1000 per 15kg as compared to the prices in 2021. They said the prices have accumulated throughout the year and they do not expect them to come down soon.

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“The prices have been increasing gradually since December last year. The prices have been increasing every month. There are labourer problems and hence the supply is getting affected. Also, the fuel prices have increased,” a trader said.

He added that there are multiple reasons for the hike in the prices and the biggest of them is the shortage of supply in the international market due to the Russia-Ukraine war.

Consumers, however, alleged that traders while taking advantage of the ongoing Russia-Ukraine war are rampantly selling oil at more than double price.

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For the November-October (oil supply year) 2020-21, India had imported a total of 18.93 lakh tonnes of crude sunflower oil. Of this, 13.97 lakh tonnes was from Ukraine alone. Argentina (2.24 lakh tonnes) and Russia (2.22 lakh tonnes) are the other major suppliers but as the figures show Ukraine is perhaps the only major supplier to India.

It is pertinent to mention that the impact of the Russian invasion of Ukraine will have an impact on India in relation to several products including fuel and edible oils.

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