Rising Palm Oil Price & Weaker Rupee Spikes Edible Oil Prices In India

NEW DELHI (India), April 3 (Bernama) -- Surging palm oil price in the international market and the weakenening Indian Rupee has put pressure on edible oil prices and subsequently food prices here. Prices of palm oil, which accounts for half of India's refined oil consumption, soared to US$12.75 (Rs645) per 10 kg, rising almost US$1.97 (Rs100) while soybean oil has gone up US$1.38 (Rs70) per 10kg in the last 30 days, The Times of India reported. Malaysia is the second largest palm oil producer in the world. "Supplies of edible oil is reducing and, therefore, global prices are going up. The Rupee has also weakened in the past few weeks. These are the factors affecting domestic prices," Cargill India Chairman Siraj Chowdhry was quoted as saying. Hence, edible oil prices soared almost 10 per cent by US$0.11 (Rs6) to US$0.15 (Rs8) per kg in the last one month, said the paper. India imported about eight million tonnes or half of its domestic vegetable oil requirement last year. (US$1 = Rs50.55) -- BERNAMA