KATHMANDU, Sept 16: The price of refined oil has gone up in Nepal due to the rise in the price of crude oil in the international market owing to COVID-19, according to Nepal Vegetable Ghee & Oil Manufacturers' Association.
The association, issuing a statement, said that the price of cooking oil has gone up as the price of raw material has doubled after the COVID-19 pandemic. According to the association, Argentina's crude soybean oil, which was US dollar 589 per metric ton in April 2020, reached USD 1,363 per metric ton in May 2021.
Nepali cooking oil industries in crisis
Similarly, the price of Ukraine crude sunflower oil which was USD 704 per metric ton reached USD 1,495 per metric ton in May 2021. The association has stated that the price of raw material has increased abnormally in one year. The association has stated that the price of raw material subsided in July but it has gone up recently. Argentina's crude soybean oil price fell to USD 1,095 per metric ton and Ukraine's crude sunflower oil price fell to USD 1,160 per metric ton.
The association has stated that the price of oil decreased until the stock lasted under the direction of the Department of Commerce. According to the association, the price of crude oil has recently increased by USD 200 to USD 240 per metric ton.
“The price of oil increased in the domestic market because its price in the international market increased too,” the statement reads.
