Print Edition - 2014-10-08 | MONEY
Relief for consumers as sugar, oil prices ease
Oct 7, 2014-
Sugar and oil prices have come down compared to last year during the festival season. Sugar is being sold at Rs 66-68 per kg at the moment as against Rs 70-72 last year. Similarly, edible oil has become cheaper by Rs 5 per litre compare to last year. Sunflower oil, which cost Rs 135 per litre during last year’s festival, is being sold at Rs 125-130. The price of soybean oil has also eased by Rs 5 to Rs 125 per litre.
Traders slashed the price of sugar recently, citing the increased production this year.
“There won’t be any shortage or artificial hike of sugar this festive season as sugar mills and traders have enough stocks,” said Om Prakash Bansal, vice-chairman at supply committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
Customers had faced hike in sugar price last year and private traders and Salt Trading had imported sugar from India to meet a higher festival demand last year.
“Prices have fallen as the production of sugar has increased by 30 percent last year. That’s why, we don’t have to import this year,” said Bansal.
Meanwhile, the state-owned sugar supplier Salt Trading Corporation has come up with assurance that it has enough stocks for the festival. “We have adequate sugar in stock that will last until Chhath festival. Fair price shops will also play a key role in preventing possible price hike,” said Saroj Nidhi Tiwari, department chief at Salt Trading. Temporary fair price shops run by four government entities in various parts of the country are selling sugar at Rs 63 per kg, sunflower oil at Rs 123 per litre and soybean oil at Rs 120 per litre.
Traders attribute the drop in the prices of edible oil to a strengthening of the Nepali rupee against the US dollar as the raw materials for edible oil are imported from third countries. “Although the price of rice and pulses soared this year, sugar and oil remain cheaper which is a big relief to the customers,” said Pabitra Man Bajracharya, president of the Retailers Association Nepal. With the prices of most of the daily essentials easing in India, he ruled out the possibility of price rise any time soon in the country.
Published: 08-10-2014 10:03