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Big relief for India as edible oil prices go down. here’s why

Big relief for India as edible oil prices go down.  here’s why

 


New Delhi: Indonesia has announced that it will lift its three-week-old palm oil export ban from Monday due to improved domestic cooking oil supplies. Indonesia, the world’s largest palm oil exporter, halted shipments of crude palm oil and some palm oil products on April 28 in a bid to curb soaring domestic cooking oil prices. The country’s President, Joko Widodo, said on Thursday that the supply of bulk cooking oil had now risen above requirements, although bulk prices had yet to fall to the target of 14,000 rupees. per litre.Also Read – Indonesia lifts palm oil export ban from May 23 as domestic cooking oil supply situation improves

“In several areas, cooking oil prices were still relatively high, but I think in the coming weeks they will be more affordable,” Reuters news agency said quoting Jokowi, as the president is known. , in a video release. Also Read – 2022 Thomas Cup Final Highlights: India clinch their first-ever Thomas Cup and win 3-0 against Indonesia

The ban came as global vegetable oil markets grappled with shortages of sunflower oil due to the war in Ukraine. Industry groups had warned that the palm oil sector could come to a halt in the coming weeks if the export ban were to remain in place. Also Read – Gyaneshwari Yadav’s Parents Delighted as She Wins Silver at 2022 World Junior Weightlifting Championship

The announcement came a month after Indonesian lawmakers urged the government to review the ban due to its negative impact on farmers and workers involved in production. Jokowi said that in taking this decision, the government was taking into account the well-being of 17 million workers. “Although exports are reopened, the government will continue to closely monitor and monitor (the market) to ensure that demand is met at affordable prices,” Jokowi added.

Palm oil is Indonesia’s main source of income and accounts for almost 48 million tonnes (mt) of palm oil out of the 75 mt produced annually worldwide.

What is palm oil and why is it important?

Palm oil is an edible vegetable oil derived from the mesocarp (reddish pulp) of the fruit of oil palms. Palm oil is cheap and versatile. It’s an effective substitute for other types of oil and is used in all sorts of items, including processed foods, ice cream, soaps, cosmetics, and even biofuels.

How will Indonesia’s decision to lift the palm oil export ban help India?

With the lifting of Indonesia’s palm oil export ban, domestic cooking oil prices are expected to decline. India is the Southeast Asian country’s biggest palm oil importer and a prolonged ban would have doubled domestic prices. India imports about 8 million tons of palm oil per year. It represents nearly 40% of the share of the overall national consumption basket of edible oils.

Palm oil is used in everything from food to soap to fuel, and Indonesia’s move threatened to drive up domestic costs even further in several supply chains at a time of runaway inflation . India is in the midst of record price inflation due to rising food and fuel prices. Food inflation rose from 7.68% in March to 8.38% in April.

According to the chief executive of the Federation of Indian Export Organizations (FIEO), Ajay Sahai, the lifting of the export ban in Indonesia will lower prices and curb food inflation which has soared.

Since Thursday’s announcement, retail oil prices have been reduced by Rs 2 per kg in India.

Sources

1/ https://Google.com/

2/ https://www.india.com/explainer/explained-indonesia-lifts-palm-oil-export-ban-how-will-it-affect-indian-markets-5402224/

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