The effect of Russia-Ukraine War is visible on India. The ongoing war between the two countries has now spoiled the taste of food. According to the report of Bizom, in February, sunflower (Sunflower Oil), groundnut, mustard oil and other edible oil prices have seen an increase. Let us tell you, Ukraine and Russia are the main suppliers of sunflower oil. The ongoing war between the two countries has affected the supply. The effect of which is visible in the prices.
India consumes 2.5 to 3 trillion tonnes of sunflower oil every year. Out of which 70% supply comes from Ukraine only. According to the report of news agency Reuters, in 2021, India imported 1.6 million tonnes, or about 13% of edible oil, together with Russia and Ukraine.
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How much did the price increase?
Packaged sunflower oils have seen a 4% increase in February. While the prices of mustard oil saw an increase of 8.7% during this period. At the same time, soybean oil prices increased marginally by 0.4%. Whereas in contrast to all this, palm oil was sold 12.9% cheaper than in February 2020. The March figures have not been released by Bizom yet.