A lot of financial changes await us as we start the month of March. From the spurt in milk prices to the increase in the prices of LPG commercial cylinders. Here are the top four changes that will affect your personal finances starting this month.
Cooking oil price will rise
The ongoing Ukraine-Russia conflict has pushed commodity prices to record highs around the world amid concerns about supply disruptions. The Russian invasion of Ukraine will have an impact not only on global crude oil prices, but also on cooking oil prices – and which is likely to be more immediate.
However, Finance Minister Nirmala Sitharaman on Monday said that India is seriously looking at the impact on exports and imports due to the ongoing war between Russia and Ukraine. Sitharaman said: “We have thoroughly seized the matter in its granular form as it is going to have an impact on edible oils like edible oils coming from Ukraine, sunflower oil and parts of fertilizers etc.”
Wheat Price Russia Ukraine War
India has seen unprecedented inflation over the past year, with commodity prices reaching multi-year highs. From HUL to Britannia, ITC and Nestle, most FMCG companies have flagged inflation as a concern during their October-December (Q3) results. With the current struggle, the prices of edible oils, wheat, palm oil, barley etc are expected to rise further. This is because Ukraine and Russia account for a large part of the world’s commodity trade.
amul milk price hiked
Dairy product manufacturer Amul has announced an increase in the price of milk by Rs 2 per liter. Prices will be applicable from tomorrow. The Gujarat Co-operative Milk Marketing Federation (GCMMF) said an increase of Rs 2 per liter translates into a 4 per cent increase in MRP, which is much lower than the average food inflation. This is the second time in the current financial year that milk prices have been hiked. In June 2021, GCMMF increased the price by Rs 2 per litre.
lpg commercial cylinder price
Starting today, the price of 19 kg commercial LPG cylinder in Delhi has been increased by Rs 105. With this, the price of 19 kg commercial cylinder in Delhi will now be Rs 2,012. It is worth noting that the price of 5 kg cylinder has also been revised by Rs 27. The cost of a 5 kg cylinder will now be Rs 569 in the national capital. There has been no change in the price of domestic LPG cylinders since October last year. However, during this period crude oil prices have crossed $ 102 per barrel. There is speculation that the prices of domestic LPG cylinders may be revised after the elections around March 10. It is expected that the prices of non-subsidised gas cylinders may increase by more than Rs 100-200 per cylinder.
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