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Prices Of Edible Oil: Trends

Prices Of Edible Oil:

Edible oil prices are likely to reduce by December as international commodity futures show a declining trend and the production of domestic oilseed crops.

  • Last year, the retail prices of six edible oils — groundnut, mustard, vanaspati, soya, sunflower, and palm oil had risen up to 48%.
  • This was due to
  • Surge in global prices, and lower domestic production of soybean which is India’s largest oilseed crop.
  • Excessive buying of edible oil by China.
  • Many major oil producers are aggressively pursuing biofuel policies and diverting their edible oil crops for that purpose.
  • Governmental taxes and duties also make up a major chunk of the retail price of edible oils in India.
  • India is the world’s biggest vegetable oil importer.
  • India imports about 60% of its edible oil needs, leaving the country’s retail prices vulnerable to international pressures.
  • It imports palm oil from Indonesia and Malaysia, soyoil from Brazil and Argentina, and sunflower oil, mainly from Russia and Ukraine.

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