Coconut oil price surge to Rs 240; Price of others too on upward trend
Thrissur: With the price of coconut oil on the rise, prices of other edible oils too are hitting a new high. Prices touched a record high of this season at Rs18,700 per quintal for coconut oil in Kerala.
In retail market, it is Rs 240. Even though there is no shortage, the prices of other oils are following the upward trend.
The increase in the import duty of edible oils by the Centre is one of the reasons for the price hike. Import duty on soyabean oil, sunflower oils, canola/mustard oils -- both crude and refined -- has been raised by 15 percent. Import duty of crude palm oil has been raised by 10 percent.
With this, the cost of sunflower oil increased by Rs 15 within two weeks and palm oil by Rs 10.
The cost of coconut oil is increasing uncontrollably. Within a year, it increased by more than Rs 8000 per quintal and Rs 100 per litre.
At the same time, the price of the coconut is also increasing proportionally. The cost of coconut is Rs 50 per kilo.
Market experts are of the opinion that the price of coconut and coconut oil will go down once the Sabarimala season is over.