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

NEW DELHI: 

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

More

SPORTS

Sourav Ganguly

Sourav Ganguly is the owner of a football club linked with the new IPL franchise owner

Sourav Ganguly has been facing new questions of conflict regarding the interest as the BCCI president is the co-owner of a football team along with Sa...

India vs Pakistan

India vs Pakistan: Student from Kashmir was attacked in BGIET, Sangrur

Pakistan beat India in the ongoing ICC T-20 World Cup in UAE on Sunday night with 10 wickets. After the match finished, several students belonging to...

States & UTs

Sameer Wankhede

Sameer Wankhede isn't Bollywood-focused, his wife says; Dad says he's tormented by the allegations

NCB regional director Sameer Wankhede is not targeting Bollywood, his wife Kranti Redkar told India Today on Monday. He also responded to the allegati...

Jammu & Kashmir

Terrorist shot dead in J&K, who was on the mission to “target shopkeepers”, says police

Srinagar: After the recent massacre and the killing of the migrant workers, the J&K Police have coined the term “hybrid”, after lookin...

POLITICS

Farmer Protest

3 Women Protestors Dead After Truck Crushes Them

Three girls farmers died even as  greater have been injured after a truck allegedly rammed into...

Captain Amarinder

Captain Amarinder: 'Yes, I am forming a party, can go for a seat-sharing pact with BJP.'

Ahead of the nation polls subsequent year, former Punjab chief minister Amarinder Sin...

ENTERTAINMENT

SRK’ &  Pooja Dadlani

SRK’s manager Pooja Dadlani’s old post goes viral

Shah Rukh Khan’s manager Pooja Dadlani has been status strong with the actor and his family wi...

Mahesh Manjrekar

Mahesh Manjrekar shares his story of fighting against cancer while shooting for “Antim: The final truth.”

Mumbai: actor-filmmaker Mahesh Manjrekar announced on Monday that he is cancer-free. The actor even...

About

The Live Newz is an independent, budding and online news portal that came into existence recently. Our mission is to create and deliver the finest news for the readers. We act as a cutting-edge platform that provides the users with every update on recent happenings. We aspire to be true to the journalistic values and maintain the standard of its excellence by presenting the truth to the readers.