Russia & Argentina Emerge as India’s Major Sunflower Oil Suppliers

Before the Ukraine crisis, 70 percent of the edible oil, which constitutes 16 percent of India’s total oil imports, used to come from Kiev. Since April, however, supplies from the country remain suspended due to many factors, including logistic issues. Russia and Argentina have become India’s major sunflower oil suppliers since April, following a drying up of Ukraine-originated channels due to geopolitical tensions in Eastern Europe. Delhi purchased an approximate total of 160,000 tons of sunflower oil in September, nearly 16 percent higher than August, with Argentina supplying 68,032 tons and Russia 16,947 tons. Since last November, Russia has supplied nearly one-fourth of India's total crude sunflower oil imports of 1.8 million metric tons, commercial data shows. Traders told Sputnik that the landing cost of sunflower oil has been reduced by around $550 per ton from the peak of $2,100 per ton in April. International prices of edible oils have fallen sharply over the last five months, as have India's domestic prices of edible oils, which provided great relief to consumers during the current festival season. India imports 60 percent of its total requirement of edible oils, including both palm and sunflower oil. India's retail inflation jumped to 7.41 percent in September, close on a five-month high, due to soaring food prices. The Reserve Bank of India has projected an inflation rate for 2022-23 of 6.7 percent. Read more: https://sputniknews.com/20221013/russia--argentina-emerge-as-indias-major-sunflower-oil-suppliers--1101809990.html