Cooking Oil Price To Increase Due to Russia-Ukraine War | Check Here
Cooking oil price to increase: Prices of cooking oil are set to increase in India as a result of the ongoing crisis between the two top producers of oil seeds. India importing 93% of sunflower seeds oil from these two countries.
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.
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For the November-October (oil supply year) 2020-21 India had imported a total of 18.93 lakh tonnes of crude sunflower oil. Of this 13.97 lakh tonnes was from Ukraine alone. Argentina (2.24 lakh tonnes) and Russia (2.22 lakh tonnes) are the other major suppliers but as the figures show Ukraine is perhaps the only major supplier to India.
Sunflower oil accounts for 14% 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 `98 a litre in February 2019 to `161 February 2022.
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India’s sunflower oil imports is 2.5 mt in 2019-20 (April-March) and 2.2 mt in 2020-21, valued at $1.89 billion and $1.96 billion, respectively. From Ukraine it imports 1.93 mt (worth $1.47 billion) in 2019-20 and 1.74 mt ($1.6 billion) in 2020-21, with Russia it imports around 0.38 mt ($287 million) and 0.28 mt ($235.89 mt).
Like crude oil, the global sunflower oil prices have been rising even before the declaration of war by Russia.