New Delhi – As an effect of the fall in the rates of edible oil in the international market, the rates of edible oil in India have reduced. The rates of mustard oil, soybean oil, sesame oil and palm oil have reduced. India is one of the biggest importers of edible oil. In the past week, despite the reduction in the import of edible oil, the demand was less and hence, the rates have reduced.
— ET Hindi (@ETHindi) May 2, 2022
1. Every year, palm oil is imported on a large scale to India from Indonesia, but due to inflation, Indonesia is facing a shortage of oil. Hence, Indonesia has banned the export of palm oil. This has highly affected India.
2. India is dependent on Ukraine for sunflower oil. Due to the Russia-Ukraine war, the export of oil from Ukraine has become stagnant. Hence, this is a challenge for India to search for an alternate solution for oil. If this problem is not addressed now, there will be a shortage of oil in the future.