Pune: Escalating tensions involving the US, Israel and Iran have begun to reflect in Pune’s wholesale markets, with edible oil prices rising by ₹3 to ₹4 per litre. Traders said the impact will be felt in the retail market within the next few days.
According to wholesalers, the sharpest increase has been seen in sunflower oil, although prices of other edible oils have also risen. “If one oil becomes expensive, the rest follow,” traders said, citing the interlinked nature of the market.
Raikumar Nahar, wholesale trader and former president of the Poona Merchant Chamber, said, “The war between Iran and Israel has directly affected edible oil prices. In the wholesale market, almost all oil prices have increased by ₹3 to ₹4 per litre. A 13-kg container has become costlier by ₹50 to ₹60. Given the ongoing tensions, prices may remain firm.”
Sachin Ranka of Neelam Traders, who operates in Nashik and Ahmednagar districts as well, said wholesale prices have risen by ₹50 to ₹60 per 13-kg pack. “Retail prices will increase in the next two to three days as most shopkeepers are still selling old stock. Wholesale rates change almost daily,” he said.
Ranka added that India is largely dependent on imports for oilseeds and edible oils.
“Prices of sunflower, soybean, groundnut and coconut oil have all gone up. Groundnut output is lower this year, which has already pushed up prices. Coconut production is also down, and coconut oil has been expensive for the past few months,” he said.
Retailer Dhanlaxmi from Sahakarnagar said most shops maintain oil stocks for three days to a week. “We were selling at old rates as we had existing stock. Once we buy new stock at higher prices, we have no option but to revise rates,” she said.
Meanwhile, traders at Gultekdi market yard said prices of imported dates are also expected to rise soon. “Dry fruit prices usually increase during Ramzan. We have sufficient stock, but imported dates may become costlier shortly,” a trader said.
Sambhaji Bhosale, who owns a restaurant in the Padmavati area, said, “Edible oil prices had come down recently, but they started rising again after the war began. The price of a 13-kg sunflower oil pack was ₹2,360 earlier; it has now increased to ₹2,450 per container. Traders expect further hikes. Oil is a key component in the hotel industry, and even if prices rise, we cannot immediately revise food rates, so we have to absorb the loss.”
Retail consumer Swati Rao said, “Our retailer told us that oil prices are increasing due to the war. We usually buy monthly groceries after the 5th of every month, but this time we advanced our purchase, anticipating a price rise.”
