Relief can be found in the prices of edible oil, Food Secretary gave an estimate

India’s expenditure on import of edible oils increased by 34.18 percent to Rs 1.57 lakh crore in the oil year ending October 2022, while in volume terms it increased by 6.85 percent to 140.3 lakh tonnes

Edible oil prices can get relief

In times to come edible oil prices I can get more relief. In fact, Food Secretary Sanjeev Chopra has expressed this estimate in view of the signals from foreign markets. There has been some reduction in the prices of edible oil in the country in the last few months. But the prices are still at high levels. Looking at the foreign signals, the Food Secretary has told the reporters that there has been a decline in oil prices in the foreign markets. Due to this, it is expected that there will be a fall in the prices of edible oil in the coming times. In recent times, the prices of edible oil have come down in foreign markets. But due to the demand of winter and weddings, there is no further relief in the retail prices in the domestic markets. In such a situation, the expectation of reduction in the coming time has increased.

Why are the prices not decreasing at the moment

Market sources said that sunflower and soybean oil are being sold costlier by a huge margin in the retail and wholesale market as compared to the import price. The price of sunflower oil is getting higher by about 25 percent while soybean oil is being sold about 10 percent higher. While sunflower oil has become $ 35 per tonne below soybean oil in foreign markets. On the other hand, the reason for the boom in sunflower oil is the lack of its local production and due to the quota system, imports are not in sufficient quantity.

Due to this less oil supply, soyabean oil is also being sold costlier by about 10 percent. At the same time, in the pre-budget meeting, farmer organizations said that instead of palm oil, the government should focus on increasing the domestic production of local oilseeds like soybean, mustard, groundnut and sunflower, so that dependence on import of edible oils can be reduced and prices can be kept under control.

Import expenditure on edible oils increased

On the other hand, according to the information recently revealed, India’s expenditure on import of edible oils increased by 34.18 percent to Rs 1.57 lakh crore in the oil year ending October 2022, while in terms of quantity it increased by 6.85 percent to 140.3 lakh tonnes. Is. This information was given by the edible oil industry body SEA. According to the Solvent Extractors Association of India (SEA), India, the world’s leading vegetable oil buyer, imported 131.3 lakh tonnes of edible oils worth Rs 1.17 lakh crore in the oil year 2020-21 (November-October).

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Imports increased gradually during the first two quarters and slowed down in the third quarter. However, it rose again in the fourth quarter due to the lifting of the palm oil embargo by Indonesia and a sharp fall in international prices, when purchases from India increased. According to SEA, high volatility in palm oil prices this year affected India’s palm oil purchases.