In the upcoming days, cooking oil may become more affordable as retail costs are anticipated to decline. This happened after the government met with organisations representing the edible oil business.
To discuss lowering the retail pricing of cooking oils in light of a decline in worldwide prices, the food ministry summoned a conference of industry organisations and manufacturers.
According to B V Mehta, executive director of the Solvent Extractors’ Association of India (SEA), prices for various edible oils have decreased $300 to 450 per tonne globally in the past month, but it takes time for those decreases to be reflected in retail markets. According to a PTI report, he claimed that in the upcoming days, retail prices were anticipated to decline.
In the meanwhile, four traders told Reuters that India’s imports of palm oil in July are expected to rise to their highest level in ten months as a result of a significant price adjustment and Indonesia’s decision to let additional shipments of the tropical oil.
The price of Malaysian palm oil, which is now trading close to a one-year low, may find support from increased purchases by India, the world’s largest importer of vegetable oils.
According to the dealers, India’s imports of palm oil in July might reach 700,000 to 800,000 tonnes, which would be a record high since September 2021. While soy oil is mostly imported from Argentina, Brazil, and the United States, palm oil is primarily purchased by India from Indonesia, Malaysia, and Thailand. Russia and Ukraine both export sunflower oil to India.