KHAMMAM: Like the rest of the world, Khammam too seems to be feeling the impact of the ongoing Russia-Ukraine crisis. This is more evident among consumers, especially those who use edible oil products like palm oil.
With rumours of palm oil shortage set to hit the country spreading thick and fast, consumers are resorting to panic buying and stocking up on edible vegetable oil. People are queuing up at supermarkets and rushing to the neighbourhood Kirana stores to grab the available stocks. A majority of middle and lower-middle-class families buy palm oil as it is much cheaper than other edible oils.
It may be mentioned here that around 90 per cent of palm oil consumed in the country is currently being imported from other countries, including Ukraine. N Sukanya, a resident of Khammam town, said: “Everyone is saying that soon there will be a shortage of palm oil due to war in Ukraine. I purchased 10 litres of palm oil today so we don’t face any problem in the near future.”
Taking advantage of the situation, some traders and wholesale dealers are reportedly creating an artificial shortage and selling their stocks at higher prices. In fact, traders in several places are further fuelling the rumours and asking the consumers to buy more stocks. In Kothagudem, for instance, traders in several areas are further fuelling the rumours and asking the consumers to buy more stocks.
N Laxmikantha Rao, a resident of Kothagudem town, said: “We have been receiving several messages on social media about possible shortage of palm oil in the near future. Some Kirana merchants too are asking us to stock up on palm oil as there will be a shortage if the war continues in Ukraine.” In other towns too, consumers are resorting to panic buying.