Russia-Ukraine war could bring sunflower oil to a boil. 300,000 tonnes of sunflower oil is stuck at Ukrainian ports. There is no sign of softening in mustard oil. There is also a news that the government has extended the stock limit deadline till 31 December 2022.
Will the price of edible oils increase?
India has bought sunflower oil from Russia at a record high. India has bought 45,000 tonnes of sunflower oil from Russia at $2150 per tonne C&F price. Before the Russia-Ukraine war, the price of sunflower at C&F was $ 1630 a tonne. Delivery of sunflower oil from Russia is possible in mid-April. Explain that India imports 2.5 million tonnes of sunflower oil annually. 70% of imports come from Ukraine, 20% from Russia, 10% from Argentina. In such a situation, sunflower oil import from Ukraine is completely disrupted due to the corrosion. 300,000 tonnes of sunflower oil is still stuck at Ukrainian ports.
Also read- Russia offered cheap crude, may consider Russian payment system SPFS: Sources
There is no relief even in mustard oil
Despite the record crop, the price of mustard has not come down much. Mustard is being sold in the mandis at a higher price than the MSP. The supply in the mandis from the farmers side is very less. Nearly 6 months have passed since the mustard futures were banned.
Sunflower oil spoiling game
Sunflower oil has been imported from Russia at a record price. 45000 tonnes of oil has been bought at the rate of $2150/ton. Imports have become expensive due to lack of supplies from Ukraine. 3 lakh tonnes of oil is stuck at the ports of Ukraine. Let us tell you that in February, the price of sunflower oil increased by 4%. India has an annual consumption of 25-30 lakh tonnes of oil. India imports 70% of its oil from Ukraine.
cooking oil spoiling game
If we look at the price of edible oil, there has been an increase of about 15-20 percent in 1 year. In 2021, 13% of the edible oil is imported from Russia, Ukraine. In 2021, 16 lakh tonnes of edible oil has been imported. Even after increasing the arrival of mustard in the country, the prices of edible oil are not coming down. Russo-Ukraine war has seen a huge jump in prices. Palm oil prices have increased in Indonesia. Strictness on palm oil has increased in Indonesia. Palm oil production has decreased in Malaysia, Indonesia. Edible oil has not been produced in the country as per the demand. Palm oil became costlier by 21% between February 25 and March 2. Let us tell you that after palm, soybean, sunflower oil is in high demand in edible oil in the country.
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