The price of cooking oil in Vietnam increased in February 2022 and is expected to increase further
Vietnam
Published Mar 30, 2022
Tridge summary
Prices of most cooking oils - ingredients used daily in every household - have increased in February 2022 in India amid the Russia-Ukrainian conflict, with prices for sunflower, vanaspati, and tamanu oil. mustard and peanut oil increased rapidly.
Original content
Ukraine and Russia are the two major suppliers of sunflower oil in the world, meeting most of the global cooking oil demand. India consumes an estimated 2.5-3 million tons of sunflower oil per year, of which nearly 70% comes from Ukraine. Ukraine and Russia together account for nearly 13% of India's total edible oil imports in 2021, supplying 1.6 million tonnes. In India, sunflower oil prices increased by 4% in a row in February 2022; mustard oil increased by 8.7%; vanaspati oil rose 2.7%; peanut oil increased 1% while soybean oil decreased slightly 0.4%. Palm oil used by Indian households on a daily basis has fallen by 12.9% after a long time of being expensive. However, compared to February 2020, the price of this item still increased by 22.9%. Edible oil prices in India had some adjustments in the fourth quarter of 2021 (from September to December 2021). In early 2022, prices have dropped 10 to 30 percent from their two-year highs. However, the conflict in ...
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