Why is India losing sleep over record high vegetable oil prices?

the picture featuring people shopping for household items news photo

the picture featuring people shopping for household items news photo


In the world, India is the top importer of vegetable oil, spending billions of extra dollars  this year to buy extra expensive cooking oil from across and is mulling cutting taxes in those imports to soften the blow to the country, industrial officials have said. 

The government is in consideration of  decreasing taxes on vegetable oil imports later cooking all prices hit record highs the past month as it seeks to make food costs more reasonable and affordable for its population of over 1.3 billion and keep price pressure at bay. 

 Why have global edible oil prices rallied so much? 

Problems in the global production of key oilseeds coupled with raising biodiesel use have fuelled the global veg oil rally. 

Palm oil prices, the most widely consumed  edible oil, also rallied 18% in 2020 after Covid-19 lockdowns curbed  output from  plantations from  Southeast Asia. 

Why is India concerned? 

As one of the top edible oil importer, India consumes  an average of $8.5-$10 billion  yearly on imported veg oils, and the recent price flow will only inflate its bolted import bill further. After crude oil and gold vegetable oil is the third-biggest import item. 

Source: Reuter



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