Edible Oils Gets Cheaper After Indonesia Lifts Export Ban
The prices of edible oil like Palm oil, Sunflower oil, and Soybean oil have reduced by up to Rs. 12 per liter. Read further to know the price reductions.
As the International prices of edible oils have softened, the prices of edible oils like palm oil, sunflower oil, and soybean oil have also slashed by up to Rs 15/liter. As per the reports, the prices of Plam oil are slashed by Rs 7-8 per liter, the rates of sunflower oil are reduced by Rs 10-15 per liter, and the prices for Soybean oil are reduced by Rs 5 per liter.
In April, Indonesia announced to ban the export of palm oil with effect from April 28 due to a shortage of edible oil in the Southeast Asia nation. However, the ban was lifted in May. Every year, India imports more than 13.5 million tonnes of edible oil out of which 8-8.5 million tonnes are palm oil.
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The Indian Vegetable Oil Producers Association
President of the Indian Vegetable Oil Producers Association, Sudhakar Rao Desai said, "The drop in prices has prompted distributors to stock up as demand is expected to pick up. The fall in edible oil prices will also have an impact on food inflation, a major part of which comes from edible oils. The edible oil and fat category saw 13.26 percent inflation in May, mostly contributed by the surge in domestic prices of edible oil in the past one year", quoted as saying by ET.
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Impact of Export Ban on Palm Oil
In the world, palm oil is imported largely by India and the nation is dependent upon Indonesia and Malaysia for its demand. Every year, almost 4 million tonnes of palm oil is exported by India from Indonesia.
Due to the export ban of Palm oil, the prices of edible oil increased which lead to inflation in daily consumption goods like soaps, detergents, shampoos, biscuits, noodles, etc.
