Sunflower oil, a kitchen cupboard staple in most urban Indian households, has plummeted by as much as 30% in price so far this year following the surge after Russia launched its military operation in neighboring Ukraine last February. India imports 60% of its edible oil, namely sunflower and palm oil.
About 13 million tons of India’s total annual edible oil consumption of around 23 million tons are imported, according to data from the country’s Ministry of Agriculture and Farmers Welfare.
Of these imports, 90% come from Ukraine and Russia, with sunflower oil accounting for 15% of India’s edible oil needs. Those two countries, meanwhile, are responsible for around 60% of global production.
According to contract for difference (CFD) trading data for the sunflower oil market, the price of the commodity has decreased to $405 per ton, or by 31.52%, since the beginning of this year.
However, the volatility has had a knock-on effect on middle-class Indian households, as prices had hit a record high last year. Sunflower is the fourth most consumed oil in the country after mustard, soybean and palm oil. The price of sunflower oil skyrocketed following the suspension of shipping operations through the Black Sea ports of Theodosia, Odessa, Novorossiysk, Chernomorsk, and Yuzhny.
Indian government data shows the price of crude sunflower oil having shot up to $2,155 per ton in April 2022, from $1,475 per ton in January of that year, due to the disruption in the movement of freight from these key Black Sea ports.
Sunflower oil, a kitchen cupboard staple in most urban Indian households, has plummeted by as much as 30% in price so far this year following the surge after Russia launched its military operation in neighboring Ukraine last February. India imports 60% of its edible oil, namely sunflower and palm oil.
About 13 million tons of India’s total annual edible oil consumption of around 23 million tons are imported, according to data from the country’s Ministry of Agriculture and Farmers Welfare.
Of these imports, 90% come from Ukraine and Russia, with sunflower oil accounting for 15% of India’s edible oil needs. Those two countries, meanwhile, are responsible for around 60% of global production.
According to contract for difference (CFD) trading data for the sunflower oil market, the price of the commodity has decreased to $405 per ton, or by 31.52%, since the beginning of this year.
However, the volatility has had a knock-on effect on middle-class Indian households, as prices had hit a record high last year. Sunflower is the fourth most consumed oil in the country after mustard, soybean and palm oil. The price of sunflower oil skyrocketed following the suspension of shipping operations through the Black Sea ports of Theodosia, Odessa, Novorossiysk, Chernomorsk, and Yuzhny.
Indian government data shows the price of crude sunflower oil having shot up to $2,155 per ton in April 2022, from $1,475 per ton in January of that year, due to the disruption in the movement of freight from these key Black Sea ports.
Source: Russia Today