It has been reported that due to the overall decrease in soyabean production, low palm oil production in Indonesia and Malaysia the price of the edible oil witnessed a steep increase in oil prices by 30 percent in last 45 days in India. And it is expecting that it is likely to increase more.
As per information, the price of palm oil in Indonesia and Malaysia has gone up from 500 dollar per ton to 700 dollar per ton. A visible impact has also seen in the Soyabean and groundnut oil. It really affected in India as our country imports palm oil. Earlier it was 50 percent import duty on palm oil. Now it is reduced into 45 percent.Bio diesel is being produced from palm in Malaysia and the low production of it has adversely affected export of palm oil.
As per information, the highest in demand is groundnut oil and its price reached into Rs.140 per kg.And palm oil touches into Rs.95 per kg.The prices of all kinds of oil have increased by Rs.30 to 35 per kg.It has also been noted that this is creating a bad effect on the restaurants, hotels in the city.