Edible oil import cost slumps, but dependence continues

Most parts of state are dependent on Malaysia and Indonesia for palm oil, and Chicago and Ukraine for sunflower oil. 

Published: 01st March 2023 06:47 AM  |   Last Updated: 01st March 2023 06:47 AM   |  A+A-

trade, imports, exports, import, export, trade deficit

Image used for representational purpose only. (File photo)

Express News Service

BENGALURU: Even after a year of the Ukraine-Russia war, the dependence on Ukraine for oil continues, especially sunflower oil. According to the oil and oil seeds association, the quality and quantity of oil being imported have not changed. However, the rate of edible oil has reduced. Earlier, edible oil was being imported at Rs 1,600 per 10kg, which has now reduced to Rs 1,135 per 10kg, said the members. 

Experts and association members said that although many local companies started manufacturing and sale of edible and cold pressed oil, they comprise only one per cent of the market share. Therefore, the dependence on import of palm and sunflower oil continues. 

Most parts of state are dependent on Malaysia and Indonesia for palm oil, and Chicago and Ukraine for sunflower oil. Recently, Union Finance Minister Nirmala Sitharaman, during the G20 meeting in Bengaluru, had stated that India was keeping a close watch on the war situation as the dependence for oil import continues. DD Prahalad, joint secretary, Bengaluru Oil and Oil Seeds Association, said that no other market was explored as an alternative during the war, and this is the key reason for the dependence.

The price reduction shows there has been good supply, but it is affected by cost of transportation and port location. Although the country grows groundnuts, the net market share in oil production is below 5%, Prahalad added.

Follow The New Indian Express channel on WhatsApp


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp