Ukraine war: Indians have now started collecting vegetable oil and fuel. In fact, fears of shortage of edible oil have strengthened due to Russia’s attack on Ukraine, while elections in major states are over and the government may increase the prices of petrol and diesel due to the firming of crude prices in the global market.
Rekhna Khan, a housewife from Mumbai said, “On WhatsApp, I read a message that there could be a shortage of cooking oil due to the war. So, set out for shopping.” He bought 10 liters of edible oil, which is twice his monthly consumption of 5 liters.
India dependent on imports for edible oil
Edible oil prices have jumped more than 20 per cent in less than a month and amidst such a surge in prices, viral fake messages are fueling panic buying. India largely depends on imports for edible oil. Two-thirds of India’s edible oil requirement is met through imports.
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Sunflower oil comes from Russia and Ukraine
In the case of sunflower oil, India is almost completely dependent on Russia and Ukraine for this. More than 90 percent of the total import of sunflower oil in India comes from these two countries. Sunflower has 14 per cent stake in edible oil imports.
No need to panic: Expert
However, experts believe that there is no need to panic, because if there is any shortage then it will be only of sunflower oil. BV Mehta, executive director, Solvent Extractors Association of India, said, “There is no problem in supply of all other edible oils like palm oil, soya oil, mustard oil, groundnut oil etc. So there is no need to panic buying.
Petrol and diesel can be expensive
At the same time, government oil companies have control over petrol and diesel. Oil prices have not been raised since November 4 due to elections in several major states.
Now with polling in these states concluded on March 7, consumers are apprehensive that the government may increase oil prices at the earliest.
A farmer from Maharashtra told that he has deposited diesel, as there are media reports of an increase in fuel prices by Rs 15-20 a liter after the election.
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