Tridge summary
The article provides an overview of the dynamic nature of edible oil prices, with a focus on sunflower oil, in the Indian market over the past 2-3 years. It highlights the significant price fluctuations, reaching record highs due to the Covid lockdown and the conflict in Ukraine, before falling to lower levels following the Black Sea Grain Initiative. The initiative's impact on global vegetable oil prices is discussed, alongside its implications for Indian consumers and the country's import trends. The article notes a notable increase in India's edible oil imports, especially of palm and sunflower oils, reaching 8 million tons from November 2022 to April 2023, a 22.3% rise from the previous period. This surge in imports, driven by both consumer demand and price equivalence, follows a period of reduced sunflower oil imports due to weather conditions and conflict-related disruptions.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Few commodities have experienced price volatility like edible oils in the past 2-3 years, writes Harish Damodaran of the Indian Express 77.8 points in May 2020 at the height of the Covid lockdown around the world. In March 2022, after the outbreak of the conflict in Ukraine, it soared to an all-time high of 251.8 points. But by April 2023, it had dropped to a 29-month low of 130 points. In January 2022, prices for crude sunflower oil imported into India averaged $1,475 per ton CIF (cost plus insurance and freight). This was below the corresponding price of $1,506 for crude soybean oil and $1,490 for RBD palmolein (refined, bleached and deodorized). By April 2022, the average sunflower oil price of $2155/t was higher than $1909/t for soybean oil and $1748/t for RBD palmolein. However, the situation changed with the signing on July 22 of an agreement on the Black Sea Grain Initiative between Russia and Ukraine. The deal, brokered by the UN and Turkey, facilitated the safe navigation ...
Source: Oilworld
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