hi INDiA Copyright 2022
Vijay C Roy
Chandigarh, June 27
Edible oil prices in the domestic market have started softening after Indonesia lifted ban on exports and shipped two lakh tonne of crude palm oil to India. In India, domestic edible oil prices have increased by over 30% in a year due to shortfall in production, Russia-Ukraine conflict and Indonesia’s ban on palm oil exports.
Alarmed by the rise in domestic prices, Indonesia had banned exports on April 28. However, it recently lifted the ban.
As per data, India’s total consumption of edible oils is pegged between 225 and 230 lakh tonne, of which domestic production stands at about 100 lakh tonne. The deficit of around 130 lakh tonne is met through imports. More than 60% of the imports — around 80-85 lakh tonne — is palm oil. Out of this, around 45% comes from Indonesia and the rest from Malaysia.
“We have decreased the prices of our mustard oil by Rs 20 per litre. Earlier, we used to sell at Rs 190 per kg and now we are selling at Rs 170 per kg,” said an executive of Chandigarh-based Sushil Oil Mills.
Prices decline by Rs 10-15/litre
Prices have started coming down by Rs 10-15 per litre as the ban on palm oil exports by Indonesia has been lifted. The new batches produced by manufacturers are carrying revised prices. — AR Sharma, chairman, Ricela group