AHMEDABAD: Pinching the pockets of countless households, the edible oil market is on fire due to the ongoing hostilities between Ukraine and Russia. The last 15 days have seen a 20-30% increase in edible oil prices. Consider this: Palm oil used in the sawmill industry rose sharply by Rs 210 per litre. While home-made sunflower oil is costlier by Rs 50 per litre, the price is up by Rs 30, Rs 10 and Rs 40 for cottonseed, mustard and peanut oil.
Sameer Shah, president of Gujarat state edible oils and oil seed association, said Russia and Ukraine account for 90% of the global production of sunflower seeds. ‘‘We import about 5,00,000 tons of sunflower oil annually from both countries.
Disruption in its supply is likely to impact the production of sunflower oil across India. From Rs 2,500 to ` 2,550 per 15-litre pack, the price of sunflower oil is likely to go up by 20% to Rs 2,900.” “All edible oil procurers track each other’s prices as they compete in the market. Any potential supply disruptions of one buoys the prices of the other counters,’’ said Shah.