Iran war: Cooking oil prices rise, trigger panic buying in Vijayawada

Vijayawada: Rising global tensions following the Iran–Israel conflict are beginning to affect household budgets in the state, with cooking oil prices climbing sharply and panic buying reported across supermarkets and grocery stores in the city.Over the past few days, residents rushed to shopping malls and neighbourhood kirana stores to purchase cooking oils in bulk amid rumours that supplies may become scarce due to the ongoing war. Many consumers are trying to buy oils at the old maximum retail price (MRP) before further hikes come into effect, hoping to save money. The sudden rush resulted in heavy demand and thinning stocks in several stores.Retail traders say the spike in demand has already pushed prices upward. Refined sunflower oil, which was selling for around ₹150 per kg on Feb 26, climbed to nearly ₹170 per kg in the retail market as of Saturday. Palm oil prices also increased by about ₹15 to ₹20 per kg, according to local wholesalers.India imports a large portion of its crude edible oils, which are later refined and supplied to consumers. Traders say global geopolitical tensions are creating uncertainty in international markets, which is quickly reflecting in domestic prices."The demand suddenly shot up. People are buying multiple tins at once because they want to avoid paying higher prices later," said Koppuravuri Sobhan, a wholesale oil trader in the city.A supermarket retailer, JN Mallikarjuna Rao, added, "Customers are specifically asking for oil packets with the old MRP printed on them. Many believe the prices will definitely increase further if the war continues."Market observers say the situation resembles the spike seen during the Russia–Ukraine war, when edible oil prices soared before stabilising several months later.Experts warn that if the Middle East conflict intensifies or drags on, global supply disruptions and higher transportation costs could definitely push cooking oil prices higher in the coming months, putting additional pressure on household expenses.Officials urged people not to resort to panic buying, assuring that supply chains are currently stable, though markets remain sensitive to global developments.