November 14: The price of edible oil, which was rising continuously since the Russia-Ukraine tension, had declined during the start of the Dashain and Tihar festivals.

It has once again started to rise after festive season. The price of cooking oil has increased by as much as Rs 50 per litre since Tihar.

According to the Retail Trade Association, the retail price of cooking oil of every brand has increased by Rs 20 to Rs 50 per litre since Tihar. The price of soybean oil, which was  Rs 240 per litre during Dashain, has now reached Rs 280. Likewise, the price of mustard oil has now reached Rs 340 from Rs 320 per litre. Similarly, the price of sunflower has climbed to Rs 300 from Rs 250.

Industrialists say that the price of oil may increase for some time. Subodh Kumar Gupta, president of Nepal Pulses, Rice and Oil Association, said that there is no possibility of an immediate price reduction or stabilization as there is no improvement in the international market.

He said that there are indications that the price may increase further due to the inability to produce raw materials for a long time due to the Russia-Ukraine tension. According to him, the price of oil in the world market is likely to be affected for the next two years due to the war.

Small and retail traders are not ready to accept the argument of the industrialists and wholesalers over the rise in oil prices. They allege that the industrialists have arbitrarily increased the price of oil due to the upcoming elections. 

Amulkaji Tuladhar, general secretary of the Retail Trade Union, said that as big industrialists and businessmen donate large amount of money to the party leaders during elections, it has affected food prices

“If the problem was due to lack of raw materials and increase in value of dollar, how can the prices that dropped before Dashain rise in such a short span?” questioned Tuladhar.

“Wasn’t there scarcity of raw materials before Dashain? Another issue is that there is no need to increase the price of oil sharply when the value of dollar has increased by only a few rupees,” added Tuladhara.