Expressnews
Chennai 2nd June 2022: There has been a significant drop in the edible oil prices lately. Thanks to the supply constraints of edible oil. Russia’s invasion of the Ukraine also attributed to the price fall. It is now comprehensible that the Price inflation in edible oil is forecasted to fall because of import of edible oil to India and other secondary factors. Most importantly, there will be a notable price change in the local market which tend to be relieving for the domestic consumers. Indonesia which is the largest producer of palm oil has lifted the export ban on palm oil and the country has shipped 2 lakh tonnes of palm oil to India.
Commenting on the announcement, Mr. Vasanth JB, Commodity Analyst and Oil Trader, Palm oil is notably one of the major oils that is used for edible oil purposes in India, apart from sunflower oil, soya bean oil and other few oils.Vasanth added saying, supply of the edible oil in the country will increase which in turn will lead to simmering of oil prices. Apart from this, requirement for Palm oil consumption will start in a few days and scope for an increase in about 2-3 months. This can further lead to a drop in oil price eventually helping to reduce retail inflation by a slender margin.
