Food inflation: Edible oil prices soar as Russia-Ukraine war hits sunflower oil import
Food inflation: The prices of edible oil are increasing as the import of sunflower oil from Ukraine and Russia has stopped due to the ongoing war between the two countries.
Poona Merchant's Chamber's director Kanhaiya Lal Gujrathi said "The oil prices have increased by around Rs 300 to Rs 400 per 15 kg container. There is a shortage of oil in the market as the import has stopped totally."
Meanwhile, another trader informed, "There is a shortage of oil in the market and the rate, especially of the sunflower oil, has increased by around Rs 600 per 15 kg container which is going to impact the common man."
Sunflower oil is primarily imported into India from Ukraine and Russia.
"Before the war between the two nations started, the soyabean oil was sold around Rs 1950 which has now increased to Rs 2500, while the sunflower oil was earlier at Rs 2,150 which has now crossed Rs 2,750," said the director of Poona Merchant's Chamber.
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"The rates of oil will not come down until the war is going on. People have started to stock up on edible oil as they fear that they will not get enough in future," said a retailer as he spoke with the media.
Finance Minister Nirmala Sitharaman stated earlier this month that the cooking oil shortage will affect India, which imports substantial amounts of sunflower oil from Ukraine and Russia. According to a report in the Economic Times, India is looking for other places from which edible oil, not just sunflower oil, can be imported. India does not produce enough sunflower oil to match its domestic need, therefore it imports it.
Every month, India consumes roughly 2 lakh tonnes of sunflower oil, which now have to be imported from other nations such as the Netherlands, Hungary, Turkey, Spain and Bulgaria. Even though India is looking to bridge the supply gap by sourcing through other countries, the manufacturing deficits will start getting visible by the start of the second quarter of 2022.
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-PTC News
