Rising prices of edible oil has led a significant number of Indian households to cut on their consumption, while many have downgraded the quality of the edible oil consumed, as found by a survey. The LocalCircles survey that involved 36,000 responses from 359 districts of the country also found that 67 per cent of households are paying more for edible oil by dipping into their savings.
The survey comes after domestic edible oil prices rose 50-100 per cent in the last 12 months and 25-40 per cent in the last 45 days. During the RBI MPC meeting announcements too, Governor Shaktikanta Das said that the edible oil prices will remain at an elevated level in the near future. “Edible oil price pressures are likely to remain elevated in the near-term due to export restrictions by key producers as well as loss of supply from the Black Sea region,” said the Governor.
In the backdrop of rising edible oil prices, 50 per cent of households stated that they are consuming the same amount but paying more from savings, while 17 per cent said that they are consuming the same amount but paying more by cutting down on discretionary spending. This indicates that 67 per cent are paying more for edible oil prices by reducing savings and spendings. As much as 24 percent said that they have reduced monthly consumption but are spending the same as before. Six per cent were not aware of the price hike and 3 per cent could not say.
As many as 29 per cent households said that they have downgraded the edible oil they consume by opting for a lower-priced oil, but 67 per cent said they continue to consume their preferred brand.
The LocalCircles survey also looked at the kind of edible oils consumed by Indian households. Twenty-five per cent respondents said sunflower oil, 21 per cent said peanut oil, 18 per cent said mustard oil, 9 per cent said coconut oil, 7 per cent said vegetable or canola oil, 6 per cent said sesame oil, 4 per cent said olive oil and 2 per cent palm oil. Seven per cent of the respondents said that they used ‘other oils’, while 1 per cent couldn’t say. This indicates that sunflower, peanut and mustard oil are the most consumed edible oils in Indian households.
Also read: Concerns about safety of e-scooters up 8X in 7 months: LocalCircles survey
Also read: 9 in 10 people report lack of mask compliance: LocalCircles