Cooking oil prices are on the rise, with a liter costing up to Rs 25 more than usual. The spike in pricing is attributed by the trade groups to tightening supply of sunflower and safflower oils, commonly known as sun oils, as a result of the Russia-Ukraine conflict.
India imports over 80% (25-30 lakh metric tonnes per annum) of its sunflower oil requirement from Russia and Ukraine. The country’s dependence on sunflower oil is around 15 percent of all oils.
Furthermore, due to internal trade limitations in Indonesia, the world's largest producer of palm oil, palm oil imports are becoming more expensive. Soya bean oil, on the other hand, is under pressure due to a lower-than-expected soybean harvest in South America.
"Cooking oil prices have risen by Rs 20-25 per kilogram." The Ukraine-Russia region provides India about 80% of its total sunflower oil demand.
Shipments have been halted and are no longer being loaded.
Retail Prices of Cooking Oils:
Palm oil was offered at Rs 140 per litre in retail a week ago, whereas retailers got it for less than Rs 125. However, now the retailers are getting it for Rs 140 and selling it for Rs 155 to 158. Sunflower oil is currently available for Rs 158. (Previously Rs 138).
Groundnut oil is currently selling for Rs 170, up from around Rs 150 a week or ten days ago. Rice bran oil is also now at Rs 150, up from Rs 126 a week ago.
“The price is changing on daily basis. As the prices of loose oil or locally produced oil by solvent extractors has risen so the branded one. On an average the prices of edible oil have risen by around 15 percent after the conflict,” said Ashish Kumar, an edible oil distributor.
