Edible oil prices in the world are skyrocketing and this “ imported inflation “ is not only giving sleepless nights to all stakeholders but also to the hapless Indian consumer.These prices are showing no immediate signs of moderating and some exporting countries like Indonesia have also started regulating exports of Palm oil by way of licensing.
The tensions in Black Sea region between Russia and Ukraine is adding fuel to fire in Sunflower Oil which comes from that region.Inclement weather in Brazil on account of La Niña has also reduced Soya Crop drastically in Latin America.
High Mustard Crop and Prompt Government measures..
In this scenario what is heartening to note is that domestic mustard crop is shaping quite well and we are expecting an All Time Record crop during the current year which may help in bringing some relief to the consumers.
Government of india has also been very proactive in taking prompt measures to cool down the prices before new crop mustard starts hitting the market yards.The recent reduction in import duty on CPO by 2.5% is a case in point.
The members of All india apex and premier Association of Edible oil in the country, The Solvent Extractors’ Association of India even though their members are struggling to maintain smooth supply chain of edible oils are aligned to the proactive decisions of the Government , have requested and advised its members to reduce MRP by Rs.3000 to 5000 per ton ( Rs3 to 5 per kg)on Edible oils.
This small HOLI gift from our SEA members should help in providing succour to our Consumers and add some colour to festivities.