06/03/2022 (The Times of India) - BHUBANESWAR: People in the capital have started panic buying of edible oil following rumours of its shortage and price rise in India due to the ongoing Russia-Ukraine war.

Both departmental stores in malls and regular grocery shops are witnessing quick purchase of cooking oil as many households have 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 up for the next few months,” said Madan Mohan Patra, a grocery shop owner at the Unit-1 market here.

Price rise of edible oil by 20% to 30% over the past few days has pressed the panic button among consumers. Now people have to cough up Rs 30 to Rs 60 extra for an one-litre cooking oil packet.

“We 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 equally high among those who buy groceries online,” said P K Mohapatra, manager of a retail chain.

Long queues of buyers were witnessed on Saturday at several supermarkets across the city. A majority of middle and lower-middle-class families and food vendors use palm oil as it is much cheaper than other edible oils.

“Everyone is saying there will be 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 consume four litres of oil per month. Besides oil, we have decided to stock up other food items for a couple of months as the war situation is getting grim by the day,” said Moumita Das, a homemaker.

Market insiders said consumers are also stocking up other supplies like flour, the supply of which is likely to get affected. “If prices will go up at this pace then it is certainly going to affect the family budget. There is no harm in saving by buying supplies in advance,” said Madhusmita Rout, another homemaker.

The Odisha government on Friday urged the Centre to temporarily cut import duty and other tariffs to provide relief to consumers in the wake of rising oil prices.