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India gears up for further hike in edible oil prices
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Shoppers purchase packets of vegetable oil at a supermarket in Mumbai, on March 7, 2022.
PHOTO: REUTERS
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KOCHI, INDIA - India, the world’s largest importer of edible oils, is bracing itself for more shocks as the war in Ukraine risks further driving up prices of key products in this category, which have risen by 10 per cent to 30 per cent since last year, stubbornly challenging India’s efforts to control inflation.
The country consumes around 1.8 million tonnes of edible oil a month, of which about 60 per cent is imported. Sunflower oil accounts for around 200,000 tonnes of this, with as much as 85 per cent coming from Ukraine and another 14.3 per cent from Russia between November last year and February this year.
