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Edible oil prices

  • IASbaba
  • November 9, 2021
  • 0
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Edible oil prices

Part of: Prelims and GS-III – Major crops cropping patterns in various parts of the country

Context The prices of most major cooking/edible oils have dropped and stabilised across the country in the run-up to Diwali.

Reasons for the drop in prices:

  • Stabilisation of global prices.
  • Duty cuts.
  • Cut in wholesale prices by major private players.
  • Stock limits imposed by the Centre, using the provisions of the Essential Commodities Act.

India’s Dependence on Edible Oil:

  • India is the world’s biggest vegetable oil importer.
  • India imports about 60% of its edible oil needs, leaving the country’s retail prices vulnerable to international pressures.
  • It imports palm oil from Indonesia and Malaysia, soyoil from Brazil and Argentina, and sunflower oil, mainly from Russia and Ukraine.

Do you know?

  • Primary sources of Edible oil: Soybean, Rapeseed & Mustard, Groundnut, Sunflower, Safflower & Niger
  • Secondary sources of Edible Oil: Oil palm, Coconut, Rice Bran, Cotton seeds & Tree Borne Oilseeds.
  • In India major challenges in oilseed production is
    • Growing in largely rain-fed conditions (around 70% area),
    • high seed cost (Groundnut and Soybean),
    • small holding with limited resources,
    • low seed replacement rate and low productivity.

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