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.
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