In the coming few months, the prices of edible oils including mustard are likely to rise. According to a report by India Ratings and Research (Ind-Ra), the prices of edible oils may increase by double digits compared to January 2022 following geopolitical tensions and Indonesia’s decision to ban crude palm oil exports. Is.
global market will be affected
The report said that the export of Indonesia’s crude palm oil is being banned from April 28, due to which it can have a global impact and there can be a big jump in its prices. On the other hand, due to non-availability of palm oil in India, it will put pressure on other edible oils including mustard and people may have to pay higher prices for it.
double digit growth
After this decision of Indonesia, the export of 2 million tonnes of palm oil will be affected, which accounts for 50 percent of the palm oil supply in the world market every month. Ind-Ra’s report states that this will affect half of the edible oil in India. Due to this, edible oil prices will increase in double digits and the increase may continue month after month.
Prices of these oils may increase
The report also said that due to supply constraints due to restrictions on exports of Indonesian palm oil, prices are likely to rise further in the near future. This will have a huge impact on the prices of other oils like soybean, groundnut.
complete ban difficult
However, the Ind-Ra report also says that Indonesia cannot maintain a complete ban on palm oil supplies, as the country has a domestic consumption of about 17 million tonnes and produces around 45 million tonnes per year. .
what is the plan of the government
The government is taking steps to keep edible oil prices under control after Indonesia banned the export of crude palm oil from April 28. Union Minister of State for Consumer Affairs, Food and Public Distribution Ashwini Kumar Choubey said that action is being taken against those involved in hoarding essential food items. According to PTI, Choubey said that efforts are being made by the government to ensure that people get oil at current prices.