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After petrol and diesel, Edible oil price to fall ; 2,00,000 tonnes of crude oil imported from Indonesia

by Rishika Choudhury

Date & Time: May 25, 2022 11:56 AM

Read Time: 2 minute


Highlights:

• Price of cooking oil will likely to fall
• Indonesia is a big exporter of edible oil to India
• Sunflower oil is imported from Russia and Argentina

The edible oil will be available in more quantity in India and the price will come down by coming weeks as Indonesia has shipped 2,00,000 tonnes of crude palm oil to India.

The consignment, shipped on May 23 after Indonesia lifted an export ban, on the commodity, will reach India by the end of this week and will be available at the retail end of June 15, said Sandeep Bajoria, chief executive of edible oil importing firm Sunvin Group.

Lead to decrease in raw material

Decrease in price of edible oil will lead to reduce raw material cost of soaps, margarine, shampoos, biscuits and chocolates where palm oil and its derivatives are used.

Indonesia banned export of crude palm oil on April 28 as alarmed by a rise in domestic cooking oil prices. But later on May 23, it ended the ban.

45% of oil imported from Indonesia

India imports around 13-13.5 million tonnes of edible oil of which around 8- 8.5 million tonnes or roughly 63% is palm oil. Among this, almost 45% of palm oil comes from Indonesia and the remaining from neighboring Malaysia.

Price already fallen in international market

Pradeep Chowdhury, managing director of Gemini Edibles and Fats, said that prices of all the edible oils have softened in the international market in the recent weeks but as Indian rupee has depreciated so the consumers can not be able to get the benefit of softening of edible oil price. However, price of edible oils have remained steady. Sunflower oil availability in India has improved from Russia and Argentina and being able to meet the household demand.

Price fall will bring relief to govt.

Decrease in price of edible oil will bring relief to government as the country is in the midst of a record of high inflation driven by rising prices of food and fuel. Foof inflation in april was 3.38%, up from 7.68% in March.

Price likely to down further

It has been said that global price have already declined by 5 % with the Indonesia lifting the export ban and are likely to fall further by 5-75 upto $1,550 per tonne in the coming week.

Also Read: Economy to bring down prices, Modi government aims to lower taxes on edible oils

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