The price of palm oil, the world's most consumed oil, is expected to fall sharply. It is believed that by September, its price can fall by 20 percent to $ 673 per tonne. This is because the supply of oil from Indonesia is getting more rapid.
Godrej International Ltd. Dorab Mistry, director of Indonesia, said that the reserves of Indonesia's top exporters have increased to 10 million tonnes. It will also increase in August due to higher production. Whereas by September, its reserves can be from 9 million tonnes to 10 million tonnes. Everyone on the ship is being used to store oil, he said. The fall in palm oil prices will help in containing food inflation globally.
Inflation was at the top in May-June
Inflation reached its peak in May and June. In May this year, Mistry had spoken of a sharp fall in palm oil prices. Now, this is happening right. In April, Indonesia imposed a ban on oil exports. This caused oil prices to rise. In India too, due to this, the price of edible oil had gone up. However, the ban was lifted after 3 weeks. Indonesia said on Saturday it would remove the export levy by the end of August. He said that after the end of the Russo-Ukraine war, palm oil prices could go down further.
Patanjali will reduce the price by Rs 10-15 per liter
Patanjali Foods has said that it will soon cut the prices of soybean, sunflower, and palm oil by Rs 10 to 15 per liter. Chief Executive Officer (CEO) Sanjeev Asthana said, in a day or two, the price of soybean and sunflower oil will fall by Rs 10-15. However, in the last 45 days, the total deduction will be Rs 30-35. Earlier, Mother Dairy had cut Rs 14 per liter and Adani Wilmar by Rs 30 per liter. In the same month, the government directed oil companies to reduce prices in a week. Globally, oil prices have come down by 15-20% in recent times.
Also Read: Cryptocurrency: Strong boom in the crypto market after stock market, strong rise in bitcoin
Israel: African Union revokes Israel's observer status, expels ambassador from the assembly hall
The African Union on Sunday revoked Israel's observer status. After which Israel was not invited
Shraddha Walker murder accused Aftab Poonawal has withdrawn his bail plea. This application has b
The winter session of Parliament may end prematurely. According to the news agency PTI, this sess
Indian opener and Karnataka captain Mayank Agarwal was admitted to a local hospital on Tuesday af
Amidst the crackdown on Amritpal and his associates in Punjab, patrolling on the India-Pakistan b
A hearing was held in the court of ADJ I Anil Kumar Pancham on Tuesday on the demand for a survey
Structural consultant Chetan Patil has been arrested for the collapse of the statue of Chhatrapat
There is now one month left for the World Cup to be held in India from October 5. The BCCI is goi
West Bengal Chief Minister Mamata Banerjee has said that the Trinamool Congress government will s
The ruckus over the new excise policy in Delhi is not taking its name stop. On August 19, CBI rai
