Indian cuisines are not complete without edible oils. One of the most used oils in Indian kitchens is sunflower oil. Now, the ongoing war between the two major players of sunflower oil export – Russia and Ukraine – the prices of edible oils have hiked in India. According to a Zee Business report, in Delhi, the sunflower oil price has increased by Rs. 6 between February 15 to March 5 whereas, in Bengaluru, the sunflower oil rate has shot up from Rs 135 to Rs 166. Northern India has witnessed less price hike of sunflower oil as compared to southern India.
The reason behind the increasing pricing is the rising conflicts between Russia and Ukraine. India imports a huge share of sunflower oil from these two countries with 70 percent from Russia and 20 percent from Ukraine. The remaining 10 percent of sunflower oil is imported from other countries. The war has disrupted the supply chain of edible oil creating a supply-demand difference. On one hand, where the demand for sunflower oil is high, the stocks are not sufficient, therefore, the prices have increased tremendously.
As per the 2019-2020 data of the Commerce Ministry, Indians consume a total of 25 million tonnes of sunflower oil per year. However, the nation only produces 50,000 tonnes annually and depends upon foreign imports for keeping up with the total demand. Sunflower oil is the fourth most consumed oil in India and accounts for 14 percent of all edible imports.
Not only this, but the prices of other edible oils have also increased by a huge margin. According to the Consumer Affairs Ministry, the prices of soyabean oil have shot up in Kolkata by Rs. 14 per litre in the last 10 days. At the same time, the price hike in Delhi is around RS. 12 per litre. This is giving a tough time to the common man. As per a Times of India report, the supply chain has been disrupted but there will not be any shortage of edible oils in India, according to experts.
Meanwhile, the prices of crude oil, gas, wheat, fertilisers, copper, steel and aluminium have also increased globally. As per reports, Rajasthan and Uttar Pradesh are delivering wheat at Rs 2,400-2,450 per quintal which is above the minimum support price. Apart from this, the global prices of fertilisers like Urea have gone up. India used to import one of third of the Muriate of Potassium (MOP) from Belarus and Russia but due to the war situation, the supply chain has been broken.
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