Sunflower oil imports affected by Russia-Ukraine conflict, Industry weighs options in other countries

Author: Nishu February 27, 2022

Sunflower oil imports affected by Russia-Ukraine conflict, Industry weighs options in other countries


With imports of sunflower oil being hit due to the conflict between Ukraine and Russia, industry body SEA on Saturday said it is exploring options to buy cooking oil from other countries to maintain domestic supplies and keep retail prices under control. is considering.

Industry players expect cooking oil prices to remain stable as domestic mustard oil supplies improve from next month. Harvesting of mustard crop has started.

The sharp rise in global prices led India’s total imports of edible oils to a record 1.17 lakh crore in the 2020-21 marketing year (November to October) from around 72,000 crore in the previous year.

In volume terms, imports remained stable at 1.3 million tonnes.

“The conflict between Russia and Ukraine has disrupted the supply of sunflower oil. India imports 2.5 million tonnes of sunflower oil annually, of which 70% comes from Ukraine, 20% from Russia and 10% from Argentina,” BV Mehta, executive director of the Solvent Extractors Association (SEA), told PTI.

He said that around 2 lakh tonnes of sunflower oil is imported on a monthly basis.

There is upward pressure on palm oil and soybean oil rates in the international markets, Mr. Mehta said.

“Since our dependence on edible oil imports is 65%, we are exploring all possibilities of sourcing edible oil from other countries to maintain our domestic supply chain and stabilize local retail prices,” he said.

Mr Mehta said that Union Commerce Minister Piyush Goyal held a meeting with players from the edible oil industry on Friday evening to take stock of the situation and explore ways to boost domestic availability.

“We have given several suggestions to boost domestic supply,” he said.

“We can increase our imports of palm oil from Indonesia, which is using large amounts of palm oil for fuel. We can also get canola oil from Dubai. Rice bran oil and olive oil. Oil can also be imported,” Mr Mehta said.

In addition, he said that sunflower oil can be imported from Russia through rupee-ruble agreement to avoid sanctions.

When contacted, Adani Wilmar CEO and MD Angshu Mallick said that the situation will improve in the next 15 days and denied any increase in retail prices.

“The arrival of the mustard crop will start in a few days. This will improve our domestic availability.

Shri Mallick said that sunflower oil accounts for 10-12 per cent of India’s total domestic demand of 220-230 lakh tonnes of cooking oil.

The southern states account for 65-70% of sunflower oil consumption. We need to promote the use of groundnut and rice bran oil in South India.”

In the western and eastern part of India, Malik said people use sunflower and soybean oils depending on the price.

India imports palm oil from Indonesia and Malaysia, while soybean oil comes from Brazil and Argentina.

The government has significantly reduced the import duty on edible oils in the last one year to control the retail prices.

27 February, 2022, 8:39 am

News Cinema on twitter News Cinema on facebook

Sunday, 27th February 2022

More Stories
433 People Won a $4 Million Lottery. Was It Pure Luck?
Mandatory paid maternity leave in the US could prevent 1,000 baby deaths every year, study claims
Dussehra 2022: 7 Facts You Didn’t Know About Dussehra
Mortgages back on market at 6 per cent as estate agents say house prices will drop by 10 per cent
Emerson, NJ: A Small, Manageable ‘Family Town’
US Aims to Turn Taiwan Into Giant Weapons Depot
Help! A French Car Rental Company Charged Me Fees for Speeding Tickets I Never Received!
The Billionaire Trying to Turn Kazakhstan Into a Thriving Tennis Nation
Whatever Happened to Those Self-Service Passport Kiosks at Airports?
Suzan-Lori Parks Is on Broadway, Off Broadway and Everywhere Else
Talk of ‘Civil War,’ Ignited by Mar-a-Lago Search, Is Flaring Online
Prosecutions for Fire Safety Violations Dropped by 98% in New York City
Adding Context, Rather Than Asterisks, to the Record Books
‘Defund the SEC’ Becomes a Rallying Cry on Trump’s Social Media Site
Nora Fatehi, Jennifer Lopez, Shakira join the ranks at FIFA World Cup!
Papa John’s billionaire founder slammed for saying he ‘lost a home’ during Hurricane Ian
Nobel Prize in Chemistry to Be Awarded Today
Wax worm saliva breaks down plastic bags within hours at room temperature
Dussehra 2022: Habits you should break this year
Sydney event planner shares biggest wedding styling dos and don’ts and budget alternatives
Hospital parking fees scandal continues as analysis shows one site charges £76 A DAY
After Hitting No. 62, Aaron Judge Acknowledges Pressure of Chase
Foreign nurses who fail English test can still be hired by NHS
Moment police swoop on house of devout catholic mother over ‘malicious online posts’
On Dussehra and Diwali, this Greater Noida village greets Ravana!
Heavyweight boxing world champion Mike Tyson winds back the clock with an impressive training video
Canberra rape trial: Brittany Higgins texts against Bruce Lehrmann sent to Ben Dilaway
Durga Puja 2022: Navya Nanda Plays Dhaak And Dances At Pandal
Tory conference live: Liz Truss prepares to make keynote speech to try and unite warring Tories
Terrifying moment speeding Maserati stolen by three Florida teens hits 123 mph before losing control
The end of Prince Harry and Meghan’s Netflix series?
Commonwealth Games 2026: Shooting returns, golf set to debut and women’s cricket intact for Victoria
Shellharbour council’s Reddall Reserve playground slide ‘dangerous’ as young Tailah Smith breaks leg
Sussan Ley: Australians face cost of living crisis before Christmas – Anthony Albanese doing NOTHING
OPEC and Russia meet today, with a big cut in oil output on the table.
Dussehra 2022: Ravana’s 10 Heads and What They Mean
Pike County massacre suspects attended the funeral of one of the eight victims they allegedly killed
‘Rest easy little soulja’: Family mourns mystery death of boy, 12, as vile trolls attack him
Rainbow fentanyl pills that resemble candy are found in LEGO box – as DEA warns parents
Hrithik Roshan and Ladylove Saba Azad attend Richa Chadha-Ali Fazal’s wedding reception, pose for shutterbugs together – WATCH
How to Honor a New Yorker? Name a Street After Them.