Hyderabad, Sept. 28:(Maxim News): Hyderabad’s festive season has been marred by a sharp rise in prices of essential commodities. The increase is also evident in wholesale markets, supermarkets, and online platforms.
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The main reason for this rise in prices is the recent decision of the government to increase the excise duty on cooking oil.
Cooking Oils Price Increases
The move aimed at subsidizing oilseed production by home farmers led to a sharp rise in the prices of various cooking oils. While initially affecting only palm, soybean, and sunflower oils, the tax hike has had its impact on the market, driving up the price of all cooking oils.
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The rising cost of cooking oil is not limited to urban areas. Even in rural areas, consumers are dealing with rising costs. The situation is aggravated by the diversion of goods from supermarkets to the black market, where these goods are sold at exorbitant prices.
Price Of Other Essential Commodities Surge
In addition to cooking oil, prices of other essential commodities also rose sharply. For example, the prices of ginger and garlic increased by 60% in one week. Similarly, the prices of onion, black pepper, and pulses have gone up sharply.
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The government’s decision to increase the excise duty on cooking oil is aimed at helping farmers in the state. However, the immediate price increases of oil companies and the subsequent actions of traders mean that the desired profits may not reach the intended consumers.
With Dussehra and Diwali seasons around the corner, prices are likely to fluctuate wildly in the coming weeks.
The lack of effective price checks has created an environment of black market and profiteering is thriving, adding to the woes of consumers. (Maxim News)
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