Edible Oil Prices Will Not Increase, India Has Stock
Edible oil prices will not increase, India has two months of stock of cooking oil. The supply of edible oil is expected to decrease due to the Russo-Ukraine war.
Meanwhile, the edible oil industry has assured the government that it will ensure a smooth supply of sunflower oil and other cooking oils for the next two months.
Sources said that India imports sunflower oil in large quantities from Ukraine.
The supply situation of cooking oil including sunflower oil was reviewed in a meeting chaired by Food and Consumer Affairs Minister Piyush Goyal on Friday.
According to sources, the industry has also informed the ministry about the declining trend in edible oil prices in the last two days.
He said that with the arrival of new mustard crops, the retail prices of mustard oil may fall further.
The meeting was attended by Solvent Extractors Association (SEA) President Atul Chaturvedi, Indian Vegetable Oil Producers Association (IVPA) general secretary SP Kamra and representatives of major refiners and importers including Adani Wilmar, Ruchi Soya, and Modi Naturals.
Sources said that during the meeting the industry informed the minister that there is no shortage of sunflower oil.
The first shipment of 1.5 million tonnes of sunflower oil for March delivery left Ukraine before the war and is expected to arrive soon.
Out of 18 lakh tonnes of edible oil consumed in a month in India, the share of sunflower oil is around 1.5-2 lakh tonnes.
Only about 1 lakh tonnes of sunflower oil is required to meet the demand of the consumers.
Sources said the industry has also told the ministry that there is no need to worry as there is an alternative to sunflower oil in the form of mustard and soybean oil in the country.
Five and a half lakh crores of investors drowned in 3 days, Russia-Ukraine conflict dominates the market
Investors’ wealth has lost over Rs 5.59 lakh crore in three days of the market downturn.
Because the perception of the Russian-Ukraine war and its dire consequences on the global economy dominates the market.
A big drop of 700 points
During the trading on Friday, the BSE Sensex fell 1,214.96 points or 2.20 percent to 53,887.72 due to the fall for the third day. Later, it closed down 768.87 points or 1.40 percent at 54,333.81.
