Vegetable Oil Prices: There is already a fire in the prices of edible oil and it may increase further in the coming days. After Indonesia's decision to ban the export of palm oil, 2,90,000 tonnes of edible oil coming to India is stuck in Indonesia's port and oil mill. Indonesia has banned crude palm oil and refined palm oil, due to which there is a possibility of a shortage of vegetable oil in India. In fact, from 28 April 2022, Indonesia has decided to ban the export of palm oil. Due to this, the price of palm oil is expected to rise sharply. Indonesia is one of the largest producers of palm oil, while India is one of the largest importers of the world's largest edible oil - especially palm oil and soya oil.
Inflation increased due to expensive cooking oil
This decision of Indonesia has increased India's concern. India is already troubled by the supply of sunflower oil due to the Russia-Ukraine war, now this decision of Indonesia has increased the trouble. At the same time, the retail inflation rate is at 6.95 percent in March, that is, it has reached close to 7 percent. One of the major reasons for the increase in inflation is the increase in the prices of edible oil. According to the retail inflation data, the prices of edible oils and fats have increased by 27.4 percent during the financial year 2021-22. At the same time, if experts are to be believed, that due to the ban on Indonesian palm oil exports, prices may increase by 10 to 15 percent.
Demand to reduce import duty on canola oil
The oil industry of expensive edible oil is also troubled. This is the reason why the industry has demanded the government reduce the import duty on canola oil from 38.5 percent to 5.5 percent. So that the import of canola oil can be started. Let us tell you that refined canola oil can be used in place of sunflower oil, whose supply has been interrupted due to the Russia-Ukraine war.
Agricultural cess on palm oil was also removed
The industry believes that it is necessary to increase the supply of edible oil to keep the prices under control. This is possible only when import duty is reduced. Not only this but demand has also been made to reduce the 5 percent agricultural cess on crude palm oil to zero to give relief to the common people from expensive oil.
India is the largest importing country
India imports about one million tonnes of edible oil in a month and imports decreased to 1.3 million tonnes from 1.5 million tonnes in 2021-22 last year, yet due to a jump in prices, imports of edible oil in 2021-22 1.4 lakh crores had to be spent whereas in the previous year Rs 82,123 crores had to be spent.
A decrease in supply may increase prices
This decision of Indonesia is expected to increase inflation. Palm oil is the most widely consumed cooking oil in the world, accounting for 40 percent of global consumption. Next comes the turn of soy oil, which accounts for 32 percent, and then mustard (or canola), which accounts for 15 percent.
Also Read: Edible oil, soap, shampoo, and biscuits can be expensive, Indonesia decides to ban palm oil export
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