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LATEST NEWS UPDATES | Crude oil not the only problem, more than 80% of India’s sunflower oil imports are from Ukraine -Samrat Sharma

Crude oil not the only problem, more than 80% of India’s sunflower oil imports are from Ukraine -Samrat Sharma

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published Published on Feb 25, 2022   modified Modified on Feb 27, 2022

-IndiaToday.in

Russia-Ukraine war news updates: The attack on Ukraine has jolted the oil market around the world as well as in India. The dark clouds over edible oil imports in India have come at a time when the retail prices of edible oil are already plateauing.

Russia’s invasion of Ukraine has jolted the crude oil market around the world and that is poised to raise petrol and diesel prices in India as well. However, that is not the only issue India has to face because of this geopolitical conflict. India, which heavily depends on edible oil imports to fulfil its requirement, has worries on that front as well. Nearly 93 per cent of India’s sunflower seeds oil imports are sourced only from Ukraine and Russia.

Sample these:

* More than half of India’s edible oil consumption is imported
* Sunflower oil accounts for 14 per cent of all edible oil imports
* More than 80 per cent of imported sunflower oil comes from Ukraine
* The price of sunflower oil rose from Rs. 98 a litre in February 2019 to Rs. 161 in February 2022

“Domestic production of edible oils is unable to meet domestic demand. The domestic consumption/demand of edible oils is around 25O LMT while the domestic production is only 111.6 LMT,” Sadhvi Niranjan Jyoti, MoS, Ministry of Consumer Affairs, Food & Public Distribution, apprised the Lok Sabha on December 15, 2021. The gap between demand and supply of edible oils is around 56 per cent and is met through imports.

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IndiaToday.in, 25 February, 2022, https://www.indiatoday.in/diu/story/russia-ukraine-war-news-crude-oil-india-sunflower-oil-imports-ukraine-1917797-2022-02-25


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