One of the direct consequences of the Russian invasion of Ukraine is a further increase in cooking oil prices, especially sunflower oil, traders and solvent manufacturers have warned. They also warned that prices would move north due to disruption in the supply chain.
The former Soviet republic was the single largest importer of crude sunflower oil to India. Ukrainian President, Volodymyr Zelensky, said on Thursday that Moscow had severed diplomatic ties with Russia, following its full-scale occupation of Ukraine by land, air and sea. Confirming the worst fears of the West. Zelensky has declared martial law in the country, and the Ukrainian foreign minister has vowed to fight and defeat Russia. India imported a total of 18.93 lakh tonnes of crude sunflower oil for November-October (oil supply year) 2020-21. Of this, 13.97 lakh tonnes came from Ukraine alone. Argentina (2.24 lakh tonnes) and Russia (2.22 lakh tonnes) are the other major suppliers, but statistics show that Ukraine is the only major supplier to India, with Atul Zelensky as chairman of the Solvent and Extractors Association (SEA). Cooking Oil Manufacturers - Prices are expected to move north. Yes, of course the markets have the potential to move northwards. Sunflower oil comes from Ukraine and Russia, and its supply chain will be disrupted. We import about 2.0 lakh metric tons of sunflower oil per month, Chaturthi said. The war is coming at a time when the retail price of refined sunflower oil has risen from Rs 145.03 per liter to Rs 161.94 per liter, according to the Central Ministry of Consumer Affairs' Price Monitoring Unit.
Chaturthi said Argentina could be an alternative supplier, but could not meet the required standards from the South American country to meet domestic demand. Retail food inflation has become a major problem in the country, and the Ministry of Consumer Affairs has seen a number of measures taken to control it, another fall of this war, with a sharp rise in the average trading price of soybean in the country's wholesale markets. In the Later wholesale market in Maharashtra, the price was Rs 6,200 per Quinta and has crossed Rs 7,000 per Quinta in the last two days. International oil prices approached $100 a barrel on Tuesday after Russian President Vladimir Putin sent troops to Ukraine, but petrol and diesel prices in India remain stagnant and are expected to rise after assembly elections in states such as Uttar Pradesh.
Amid fears that supplies could be cut off due to the Russian occupation, the futures contract price for crude rose 4.18 per cent to $99.38 a barrel on Tuesday morning, with an April supply to London's ICE. Brent last crossed USD 99 per barrel in September 2014. Russia accounts for about a third of Europe's natural gas and about 10 percent of world oil production. One-third of Russia's gas supplies to Europe typically pass through pipelines passing through Ukraine.
What was the price of oil yesterday?
West Texas Intermediate crude 93.95 + 3.16%
crude, 96.34 + 2.99%
Natural gas 4.760 + 7.42%
Heating oil 2.854 + 2.60%
Petrol • 1 day 2.748 + 2.92%
What is the price of oil today?
Future Outlook
Energy last Chart
Crude Oil Continuing Contract $99.58 7.48
crude oil continuous contract $101.50 7.45
Natural Gas Continuing Contract $4.849 0.226
R BOB Petrol Continuing Contract $3,0543 0.1783
Today 22- carat Gold price per gram in India, 4600
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