branded prices bribeSunflower and soybean oil have been reduced by up to Rs 15 per liter due to softening of international prices. Palm oil prices have seen a drop of Rs 7-8 per litre, and sunflower oil prices have declined by Rs 10-15 per litre. According to a media report, the prices of soybean oil have come down by Rs 5 per liter.
“The fall in prices has prompted distributors to stock up as demand is expected to pick up. The fall in edible oil prices will also have an impact on food inflation, a major part of which comes from edible oils. According to an ET report quoting Indian Vegetable Oil Producers Association President Sudhakar Rao Desai, the edible oils and fats category witnessed 13.26 per cent inflation in May, mainly due to a jump in domestic prices of edible oil in the past one year.
It said Hyderabad-based company Gemini Edibles & Fats last week cut the maximum retail prices (MRP) of its Freedom Sunflower Oil for a one liter pouch from Rs 15 to Rs 220. The company will further reduce it by Rs 20 to Rs 200 per liter this week.
Meanwhile, India’s palm oil imports fell 10 per cent in May compared to April as top producer Indonesia imposed curbs on exports of the edible oil. The Solvent Extractors Association (SEA) said: India It imported 5,14,022 tonnes of palm oil in May, up from 5,72,508 tonnes in April.
India is the largest importer of palm oil in the world and is dependent on Indonesia and Malaysia for its demand. India imports over 13.5 million tonnes of edible oil every year, of which 8-8.5 million tonnes (about 63 per cent) is palm oil. Now, about 45 percent comes from Indonesia and the rest from neighboring Malaysia. India imports around 4 million tonnes of palm oil from Indonesia every year.
Indonesia banned the export of palm oil in April. export restrictions Not applicable to crude palm oil, but will cover only refined, bleached, odorless (RBD) palm olein. The country lifted the ban on May 23, almost a month after the ban was announced.
As the supply stagnates after the embargo, edible oil prices in India increased, putting pressure on various products to hike prices. Palm oil and its derivatives are used in food products, detergents, cosmetics and biofuels. They are used to manufacture many items of daily consumption such as soap, margarine, shampoo, noodles, biscuits and chocolate. Therefore, any increase in palm oil prices will add to the cost of these industries.
India Ratings had also said that the ban by Indonesia was a short-term measure to bring immediate relief from high prices and supply issues in Indonesia, and maintaining a complete ban on palm oil exports may be difficult because of the country’s domestic consumption. is about 17 million tons, less than 40 percent of its annual production of about 45 million tons.
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