Sigh of Relief: Oil prices won't go up, India already has two months stock
Sigh of Relief: Oil prices won't go up, India already has two months stock

The Russia-Ukraine war is expected to reduce the supply of edible oil. Amidst all this, the edible oil industry has assured the government that it will ensure a smooth supply of sunflower oil and other cooking oils for the next two months. In fact, recently sources said, "India imports a large quantity of sunflower oil from Ukraine. At the same time, a meeting chaired by Food and Consumer Affairs Minister Piyush Goyal on Friday reviewed the status of the supply of cooking oil, including sunflower oil.'' At the same time, sources said that the industry has also informed the ministry about the declining trend in edible oil prices in the last two days. At the same time, he also said that with the arrival of the new crop of mustard, the retail prices of mustard oil may come down further.

The meeting was attended by Atul Chaturvedi, president of Solvent Extractors Association (SEA), SP Kamra, general secretary of Indian Vegetable Oil Producers Association (IVPA) and representatives of leading refiners and importers including Adani Wilmar, Ruchi Soya and Modi Naturals. Let us tell you all that sources associated with this meeting said that during the meeting, the industry informed the minister that there is no shortage of sunflower oil. The first consignment of 1.5 million tonnes of sunflower oil for March delivery had left Ukraine before the war and is expected to arrive soon. At the same time, out of 18 lakh tonnes of edible oil consumed in a month in India, the share of sunflower oil is about 1.5-2 lakh tonnes.

At the same time, only about 1 lakh tonnes of sunflower oil is needed to meet the demand of consumers. Apart from this, sources say that the industry has also told the ministry that there is no need to worry as there is an alternative to sunflower oil in the form of mustard and soyabean oil in the country.

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