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Prices of groundnut oil see steep rise; Govt urged to stop exports
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Friday, 14 April, 2023, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The prices of groundnut oil in domestic market have witnessed a steep rise in last few weeks, which has disturbed the edible oil market in some parts of the country, particularly the western India’s Gujarat and Maharashtra.
According to the Edible Oil Traders’ Confederation, the prices for a 15 litre can of groundnut oil were recorded at Rs. 3040 to 3100 for various brands on Thursday.
Last year the prices of groundnut oil at the same time were recorded around Rs. 2600 per 15 litre can.
Shankar Thakkar, president of the confederation, has said that the reasons for the sharp increase in prices were multiple including rise in transportation cost owing to spiralling petroleum prices.
“However the main reason for the rise in prices was export of groundnuts to the Gulf Countries, and China,” said Thakkar.
He added that the prices for 15 litre can of groundnut oil can touch Rs. 3200 in coming weeks, which will further put pressure on edible oil markets.
Thakkar stated that this happened despite bumper crop of groundnut. The largest producer Gujarat recorded 42.64 lakh tonne of groundnut, which is expected to produce 6.65 crore cans.
The edible oil traders have urged the government to immediately interfere in the matter by stopping the export of groundnut, which is considered a healthy source of edible oil over other imported edible oil.
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