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LATEST NEWS UPDATES | Cooking Oil May Become Costlier Due to Russia-Ukraine War. Know Why

Cooking Oil May Become Costlier Due to Russia-Ukraine War. Know Why

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published Published on Feb 27, 2022   modified Modified on Feb 27, 2022

-News18.com

Edible oil prices have been climbing unabated globally and in India since the onset of the pandemic. Here's why the Russia-Ukraine War could further drive up cooking oil prices in India

Cooking oil price to increase: Prices of cooking oil are set to soar in India as a result of the ongoing crisis between the two top producers and exporters of sunflower oil — Russia and Ukraine. A war between the two nations will create a supply crunch in the market, leading to even higher prices. India will be hit harder than others as 90 per cent of the country’s sunflower oil imports are from Russia and Ukraine.

As per the Commerce Ministry data, India consumes around 2.5 million tonnes (mt) of sunflower oil annually but it only produces 50,000 tonnes of sunflower oil and imports the rest.

Sunflower oil accounts for 14 per cent of all edible oil imports. It is the fourth most consumed edible oil, after palm (8-8.5 mt), soyabean (4.5 mt) and mustard/rapeseed (3 mt). The price of sunflower oil rose from Rs.98 a litre in February 2019 to Rs.161 February 2022.

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News18.com, 27 February, 2022, https://www.news18.com/news/business/markets/cooking-oil-may-become-costlier-due-to-russia-ukraine-war-know-why-4812740.html


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