About 70% used in India Edible oil (EDIBLE OIL) Import (IMPORT) Have to do. Edible oil prices are skyrocketing internationally, resulting in India having to pay higher prices. Thus, the kitchen ration bill has gone up due to expensive edible oil and finally Inflation (INFLATION) Has increased. For example, Komalban, who lives in Ahmedabad, asked for a monthly ration this time and was shocked to see the bill figure, as the bill was much higher than last month. He calculated that the reason for the increase in the bill figure was expensive edible oil.
The price of mustard oil is around the same as two months ago, but prices of palm, soy and sunflower oil have pushed up the ration bill. These three oils make up 70 per cent of the total edible oil consumed in India and India has to import them to meet the demand. As much as sunflower oil is used in India, about 98% of it has to be imported. Similarly, for 96 per cent palm oil and about 50 per cent soybean oil, we have to rely on imports. This means that the oil you are paying higher this year is oil from other countries.
When it comes to palm oil, we import the most from Malaysia and Malaysia is also its main producer. But this time production in Malaysia has declined, so palm oil prices have risen steadily and this has had an impact on other edible oil prices. Prices have also risen as many refined oils are used extensively for blending, as refined oil accounts for about 90 per cent of all edible oil consumed in India.
The price of edible oil was already on the rise due to the high price of palm oil, and the Russo-Ukrainian war broke out, so the price of edible oil picked up speed. The reason for this is sunflower oil, as Russia and Ukraine account for 55 to 60 percent of the total sunflower oil supplied worldwide. When the war broke out, the danger of this supply being disrupted increased. This is the reason why the price of sunflower oil has skyrocketed.
Sunflower oil used to fetch less than 1, 1,400 in the early days of February, but in March it was time to pay more than 2 2,250. The rise in prices is a big problem for countries like India, as India consumes 11 to 12 per cent of the world’s sunflower oil, at least India imports 98 per cent of that consumption, at which price oil You have to pay the price you get.
The bottom line, then, is that the already raging fire in edible oil prices has taken on a monstrous form due to the Russia-Ukraine war, forcing every Indian kitchen to bake in its heat.
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