How the Ukraine-Russia war affected sunflower oil consumption in India
Crude Sunflower Oil
Ukraine
Published May 23, 2023
Tridge summary
Few commodities have witnessed as much price volatility over the last 2-3 years as edible oils.
Original content
The UN Food and Agriculture Organization’s global vegetable oils price index (2014-16 base period value = 100) plunged to a low of 77.8 points in May 2020 at the height of the worldwide Covid lockdowns. It soared to an all-time-high of 251.8 in March 2022 after Russia’s invasion of Ukraine. But by April 2023, it was down to a 29-month-low of 130 points. Within the vegetable fats complex, the oil that has witnessed the highest price rise and fall in just the last one year is sunflower. Not surprising, given that Ukraine and Russia together accounted for nearly 58% of the world’s production of this oilseed in 2021-22. As the war shut off their supplies through the Black Sea ports, prices skyrocketed. In January 2022, prices of crude sunflower oil imported into India averaged $1,475 per tonne CIF (cost plus insurance and freight). This was below the corresponding price of $1,506 for crude soyabean oil and $1,490 for RBD (refined, bleached and deodourised) palmolein. By April 2022, ...
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