Why Cooking Oil Costs Are Burning A Hole In Your Pocket This Diwali

Cooking oil prices are set to rise this festive season as the Centre increased import duties last month to support soybean farmers in Maharashtra, where soybean prices remain below the minimum support price (MSP). The import duty on cooking oils rose by about 20%, leading to significant price hikes: mustard oil by 17.5%, soybean oil by 14.87%, sunflower oil by 18%, and palm oil by 24%.