As we enter the month of March, many financial changes await us. The covid supply shortages now associated with the Russian-Ukrainian crisis have directly affected sunflower oil prices, while wheat, coriander, jeera, corn and soybean meal prices due the indirect effect of the drying up of supplies of these products from Russia and Ukraine. Thus, from soaring milk prices to rising prices for commercial LPG cylinders. Here are the four main changes that will affect your personal finances starting this month.
The price of cooking oil will increase
The ongoing conflict between Ukraine and Russia has driven commodity prices around the world to record highs amid supply disruptions. The Russian invasion of Ukraine is going to have an impact not only on world crude prices, but also on cooking oil prices – and it will likely be more immediate.
However, Finance Minister Nirmala Sitharaman said on Monday that India is carefully watching the impact on exports and imports due to the ongoing war between Russia and Ukraine. Sitharaman said: “We are quite seized with the matter in its granular form as it is going to impact the essentials such as edible oils which come from Ukraine, sunflower oil and parts of fertilizers etc. .”
Wheat prices Russia Ukrainian War
India has seen unprecedented inflation over the past year, with commodity prices hitting multi-year highs. From HUL to Britannia, ITC and Nestlé, most FMCG majors flagged inflation as a concern in their October-December (Q3) results. With the current conflict, the prices of edible oils, wheat, palm oil, barley, etc. should increase further. Indeed, Ukraine and Russia account for a large part of the global commodity trade.
Increase in the price of Amul’s milk
Dairy manufacturer Amul has announced a milk price increase of Rs 2 per litre. The prices will come into effect from tomorrow. The Rs 2 per liter increase translates to a 4% increase in MRP, which is well below average food inflation, the Gujarat Cooperative Milk Marketing Federation (GCMMF) said. This is the second time in this exercise that the price of milk has been increased. In June 2021, GCMMF raised the price by Rs 2 per litre.
Commercial LPG Cylinder Price
As of today, prices for 19kg commercial LPG cylinders have been increased by Rs 105 in Delhi. With this, the commercial 19 kg cylinder will now cost Rs 2,012 in Delhi. It is worth mentioning that the cost of the 5kg cylinder has also been revised by Rs 27. The 5kg cylinder will now be priced at Rs 569 in the nation’s capital. There has been no change in the price of domestic LPG cylinders since October last year. However, during this period, crude oil prices rose above $102 per barrel. There is speculation that domestic LPG cylinder prices may be revised after the election around March 10. It is expected that the prices of unsubsidized gas cylinders could increase by more than 100 to 200 rupees per cylinder.
Read all the latest Assembly news, breaking news and live updates here.