Wednesday 13 April 2022

Edible oils not expected to be cheaper in India

oil price update

Amidst the estimates of record mustard production, experts believe that this year the public is not expected to get any relief from the inflation of edible oils. Apart from the Russo-Ukraine war, there are other reasons behind this. India imports edible oil worth about 70 thousand crore rupees every year, in which Malaysia and Indonesia's palmolein oil is prominent and the production of palm oil in these two countries has been less than before. Similarly, a decrease in soybean production has been estimated in the US, Brazil and Argentina. Due to this situation, there is not going to be any relief from the inflation of edible oils very soon.

National president of the Federation of All India Edible Oil Traders Shankar Thakkar says that palm oil boards of Indonesia and Malaysia release figures showing distress even in the quest to earn more money. We are not self sufficient in the matter of edible oils and we have to buy expensive oil because production of oilseed in our country not enough to allow us to have more fluctuations in prices. Also rule of keeping 30 percent of total palm oil production in Indonesia for domestic consumption has been implemented whereas earlier it was only 20 percent. Also we can say that  India import maximum crude palm oil from Indonesia and refined palm oil from Malaysia and this also a reason of increase of price in market.

Sunflower oil costlier due to war

Thakkar said India also imports sunflower oil on a large scale from other country like Ukraine and Russia. The war between these two countries has completely stopped the arrival of sunflower oil from Ukraine. While much less than Russia. In such a situation, we have to get its oil at an expensive price. The goods which we used to get Rs 1350 per ton before the start of the war has now reached Rs 1800, hence edible oil is expensive and many countries are taking advantage of the opportunity.

Demand and supply of edible oils

According to the Ministry there is a gap of about 56% between the demand and supply of edible oils in India. Its domestic consumption is around 250 lakh tonnes where the production is less than 112 lakh tonnes and may be increase somewhat this year. Farmers are focusing on mustard and soybean cultivation due to good prices.

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