Russia-Ukraine conflict hits sunflower oil imports; industry weighs options in other countries
The Hindu
With imports of sunflower oil getting affected due to the conflict between Ukraine and Russia, industry body SEA on Saturday said it is weighing options to source cooking oils from other countries to maintain domestic supply and keep retail prices under check.
Industry players expect prices of cooking oils to remain stable as the supply of domestic mustard oil will improve from next month. Harvesting of mustard seeds crop is about to start.
India's total imports of edible oils surged to a record ₹1.17 lakh crore in 2020-21 marketing year (November to October) from almost ₹72,000 crore in the previous year due to a sharp rise in global prices.
In terms of volume, the imports were stable at 130 lakh tonne.
"Supply of sunflower oil has got disrupted because of conflict between Russia and Ukraine. India imports 25 lakh tonne of sunflower oil annually, of which 70% comes from Ukraine, 20% from Russia and 10% from Argentina," Solvent Extractors' Association (SEA) Executive Director B. V. Mehta told PTI.
About 2 lakh tonne of sunflower oil gets imported on monthly basis, he added.
There is an upward pressure on rates of palm oil and soyabean oil in international markets, Mr. Mehta pointed out.