Gandhinagar: A price-hike of Rs 790 in groundnut oil and Rs 1100 in cottonseed oil has been experienced within the last one year. Several food-sellers and restaurants are switching to the palmolein oil due to its cheaper price compared to other edible oils.
The price of both cottonseed oil and groundnut oil has reached over Rs 2400 per 15 kgs. The price difference between both edible oils was Rs 800 in the past. However, this difference has reduced and the prices of both oils have become almost equal at present. The food-sellers are switching to palm oil which costs Rs 2100 per 15 kgs. The price of palm oil has also increased as most of the Palm oil is imported from Malaysia and Indonesia and import duty is charged on it due to the same.
The Gujarat State Edible Oil and Oil Seeds Association (GSEOOSA) had requested the central government to reduce the Goods and Service Tax (GST) on edible oils from 5 % to 2-2.5 %. DeshGujarat