India banks on mustard as sunflower seeds imports hit
Russia-Ukraine war is likely to have little impact on domestic edible oil rates even as international prices have gone up: COOIT
image for illustrative purpose
New Delhi: Banking on abundant mustard production expected this year, an apex edible oil industry body has said the Russia-Ukraine war is likely to have little impact on domestic edible oil rates even as international prices have gone up. It, however, demanded that the government ensure soya solvent plants are working at full capacity.
There is some uncertainty and prices of some of the edible oils have gone up by $200 in the international market. India imports sunflower seeds from Ukraine as imports are relatively cheaper even when India's sunflower seed production ranges between 60,000-75,000 tonnes.
As per the government data, the all India retail prices for sunflower seeds oil on March 2 was 159.07 per kg compared to Rs 158.06 on March 1; Rs 156.66 (February 28); Rs 152.54 (February 27) and Rs 152.3 (February 26). The prices for retail one week back, one month back and one year back was Rs 151.08, Rs 149.42 and 149.47 respectively.
