Are People Scared Of An Increase In Oil Prices

Customers stock up on cooking oil from a mall in Bhubaneswar on Saturday

BHUBANESWAR: People in the capital have started panic buying of edible oil post-obit rumours of its shortage and toll rise in India due to the ongoing Russia-Ukraine war.
Both departmental stores in malls and regular grocery shops are witnessing quick buy of cooking oil as many households take resorted to storing for next few months.
"A customer ordered two cartons of sunflower and palm oil worth Rs 25,000. When I asked why he wanted such a huge quantity of oil, he said the situation is getting worse and prices of oil and all other essential commodities are also likely to soar. Hence, he would stock upward for the next few months," said Madan Mohan Patra, a grocery store owner at the Unit-1 marketplace hither.
Price rising of edible oil by xx% to 30% over the by few days has pressed the panic push button amongst consumers. Now people have to coughing up Rs 30 to Rs 60 extra for an one-litre cooking oil packet.
"Nosotros are surprised over the sudden demand of edible oil. Stocks are getting over in a few hours and we are placing orders frequently. The demand of cooking oil is every bit high amongst those who buy groceries online," said P K Mohapatra, managing director of a retail chain.
Long queues of buyers were witnessed on Saturday at several supermarkets across the city. A bulk of center and lower-center-form families and food vendors use palm oil as it is much cheaper than other edible oils.
"Everyone is saying there volition exist a shortage of all kinds of edible oil. Hence, I purchased 15 litres of cooking oil for future use," said Rukmini Swain, a city resident.
"Rumours in social media platforms have led to the panic buying of edible oil. We generally eat four litres of oil per month. Also oil, nosotros take decided to stock up other food items for a couple of months equally the war situation is getting grim by the twenty-four hour period," said Moumita Das, a homemaker.
Market insiders said consumers are besides stocking up other supplies like flour, the supply of which is likely to get affected. "If prices will become up at this step then it is certainly going to affect the family budget. There is no harm in saving by buying supplies in accelerate," said Madhusmita Rout, another homemaker.
The Odisha government on Fri urged the Centre to temporarily cut import duty and other tariffs to provide relief to consumers in the wake of rise oil prices.