The international oil trade market was already on the edge since the Ukraine-Russia war broke out in late February. It faced a double whammy when Indonesia imposed the export ban from April 28 owing to domestic reasons.
In a related development, the government has also extended the free import of refined palm oils till December 31. The Lok Sabha was informed on Wednesday that 62.84 LMT of palm oil was imported between June 2021 and March 14, 2022.
The Minister also said that India is the largest importer of edible oils i.e., palm oil, in the world with import of edible oils during the last three financial years at 1,50,19,308.54 tonnes in 2018-19, 1,47,22,123.78 in 2019-20, and 1,35,40,020.94 in 2020-21.
According to the SEA, India's dependence on import of edible oils is nearly 65 per cent of the total consumption of about 22-22.5 million tonne. The country imports 13-15 million tonne to bridge the gap between demand and domestic supply.
The common man is hurting due to the sharp rise in prices of essential commodities like edible oil and LPG in the last three years.
Cuttack: Steady rise in the price of edible oil has become a cause of concern for the consumers in the State. As per market study, the average prices of all edible oils – groundnut, mustard, vanaspati, soyabean, sunflower and palm oil – have increased up by Rs 20-30 over the last few months. While the […]
New Delhi: After potato and onion, the price of edible oil has now gone up due to a sharp increase in the cost of oilseeds. Crude palm oil (CPO) prices in the domestic futures market have risen by 53 per cent in the past six months due to a decline in palm oil production in […]
New Delhi: Food safety regulator FSSAI has decided to intensify its crackdown against the sale of adulterated edible oil with pan-India surveillance. A quality survey has been conducted across the country between August 25-27 across all states and Union territories. The nationwide survey was carried out with over 4,500 samples covering a total of 16 […]
Cuttack: Tangi Police today busted a cooking oil ‘adulteration’ unit operating out of Manguli square in the suburbs of Cuttack. As per reports, huge amount of oil, tin cans and packaging materials were seized from three warehouses in the area during raid. It is alleged that the unit was engaged in adulterating cooking oil. Speaking […]
Bhubaneswar: Police arrested three persons today after conducting raid at an edible oil adulteration unit in Laxmisagar area of Bhubaneswar. During the raid, the cops also seized different materials used as ingredients, plastic bottles, caps, labels of different brands and 50 to 60 cans of oil. As per reports, oil and ghee of big brands […]