The demand for edible oils reached a record level in the country, increased by more than 30 percent in a month

The demand for edible oils in the country has been recorded at record levels. within the country edible oils The situation of increase in demand is that in the last one month, an increase of more than 30 percent has been registered. It is believed that the increase in the demand for edible oils is due to festivals. Actually it was the festival of Rakshabandhan in August. Whereas this time it is Diwali in October itself. In such a situation, preparations for Diwali inside the country have started with Raksha Bandhan. As a result, there has been a record increase in the demand for edible oils inside the country.

Record 12.05 lakh tonnes of edible oil imported in July

Shankar Thakkar, National President of All India Edible Oil Traders Federation and President of the Metropolitan Mumbai Province of Confederation of All India Traders (CAT), said that in July 2022, India has imported 12.05 lakh tonnes of edible oil. Whereas in June 2022, 9.41 lakh tonnes of edible oils were imported inside the country. In this way, the demand for edible oils has increased by more than 30 percent in a month.

Fall in the prices of edible oils is also a reason

According to Shankar Thakkar, National President of All India Edible Oil Traders Federation, one reason for this increase in the demand for edible oils is also the continuing fall in prices. He said that there has been a big fall in the prices in the international market in the last few months. As a result, the price of palm oil has fallen by about $ 600 a tonne, soybean $ 350 a tonne and sunflower by about $ 460 a tonne.

Local prices have also come down in the last two and a half months, he said. Due to this the wholesale price of RBD Palmolein has come down by Rs 26,000 per tonne, Refined Soyabean by 25,000 per tonne and Sunflower by about 22,000 per tonne.

Import of palmolein oil also increased

Thakkar said India’s import of RBD palmolein increased to 43,555 tonnes during July from 13,895 tonnes a year ago. On the other hand, crude palm oil (CPO) imports increased to 4.80 in July (from 4.51 in July 2021). In fact, RBD palmolein accounts for 12 per cent of the total imports of edible oils, which was only half a per cent last year. This has affected the import of CPO. He also said that Indonesian palm oil is currently under pressure due to rising stocks. Indonesia lowered the limit for levying export tax on CPOs to $680 a tonne, from $750 a tonne earlier.

According to the international market, the price of edible oil should be reduced

The organization’s General Secretary Tarun Jain said that the government needs to take tough decisions for the availability of edible oil at low prices during the festive season. Under which the government needs to force the traders importing edible oils to reduce the prices according to the international market. He said that till now when the prices increase in the international markets, the importers increase the prices at the same time and are booking profits when the prices have come down. For this, there is a need to crack down on them.

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