Hyderabad: The prices of edible oil in Hyderabad is continuously increasing ever since Russia’s invasion of Ukraine.
The city is also witnessing panic buying as people are stocking the oil fearing its shortage. The panic buying is pushing the prices further.
The cost of a 25-liter edible oil can in Hyderabad used to be Rs. 2300 a month ago. It is currently being sold at Rs. 2950. The traders of the oil are predicting that the cost may rise further.
Impact of Ukraine-Russia war on other commodities
Ukraine-Russia war will not only have an impact on the prices of edible oil, petrol, and diesel, but it may also have an impact on wheat prices too.
As Russia and Ukraine used to export 30 percent of wheat which has been stopped after the war began, the food grain price increased in India in February. It had hit a lifetime high due to strong export demand for the foodgrain.