Search
Close this search box.
Search
Close this search box.

Why Cooking Oil Prices Rising amid Russia-Ukraine War?

edible oil

Shipments of more than 3,50,000 tonnes of cooking oil to India are in jeopardy due to a raging war between Russia and Ukraine, with logistics and loadings stalled at various ports. India is the world’s largest customer of sunflower oil, importing up to 60% of its requirements. It is also the world’s greatest buyer of palm and soybean oils.

According to a Reuters story citing Sandeep Bajoria, head of the International Sunflower Oil Association, traders in the country had contracted imports of 5,50,000 tonnes of sunflower oil from Ukraine and Russia for deliveries in February and March.

While 1,80,000 tonnes of cooking oil were able to leave the ports, Bajoria stated that the status of the remaining cargo was unknown.

Nearly 80% of the world’s sunflower oil shipments come from Ukraine and Russia.

If the supply is affected, the possibility of a price hike in cooking oil in the country increases. Despite tax relief and mandated stockpile limits, consumer food costs climbed at the quickest rate in 14 months in January, hurting household finances for many. Prices have remained high due to a rise in global edible oil futures.

Until October of last year, India purchased 1.89 million tonnes of crude cooking oil, with Ukraine supplying 74% of it and Argentina and Russia each accounting for roughly 12% of the imports.

Due to supply concerns, global prices of vegetable oils, which are used for everything from baking cookies to frying potato chips to producing shampoo, have more than doubled in two years, with palm and soybean oils leaping to all-time highs this week.

With the situation between the two countries becoming more complicated by the day, western governments have warned that if the fighting continues, Kyiv may collapse.

Several cooking oil companies in Ukraine have ceased operations. Bunge Ltd. halted operations at two oilseed processing plants, Wilmar International Ltd’s joint venture shut down its vegetable oil operations in the country, and Archer-Daniels-Midland Co. shut down an oilseed crushing plant in Chornomorsk.

“There will be a shortage of sunflower oil all around the world, and prices will rise,” Bajoria told Reuters. He went on to say that Indian importers will wait about a week before switching to palm and soybean oil purchases to supplement domestic supply.

The ongoing conflict between Moscow and Kyiv is one of Europe’s biggest security crises since World War II. The Ukrainian delegation has agreed to meet with the Russian delegation for negotiations along the Ukrainian-Belarusian border, according to media reports.

Apart from this, you can also read EntertainmentTech, and Health-related articles here: Firefly Lane Season 2Harnaaz Sandhu Net WorthSmallPDFDramacoolSquid Game Season 2Joe Biden net worthCrackstreamThe Matrix 4GokuKung Fu Panda 4Leonardo DiCaprio net worthDiabolik Lovers Season 3Twitch Error 2000Alyson HanniganBrent Rivera net worthEmma Watson net worth444 angel number666 angel number1616 angel number777 angel number333 angel numberDave Portnoy net worthMessi net worthKeanu Reeves net worthThe Equalizer 3The 100 Season 8Gina Carano net worthBruno Mars net worthKissAnimeJim Carrey net worthPDF DriveYoutbeBailey Sarian Net WorthBollyshareAfdahMoviezwapY8JalshamoviezProject Free TVKissasianMangagoJio RockersM4uHDHip dipsM4ufreeNBAstreams XYZCCleaner Browser reviewAvocado CaloriesBear Grylls net worthHighest Paid CEOThe 100 season 8Sundar Pichai net worthGrimes net worth, and, F95Zone.


Subscribe to Our Newsletter

Related Articles

Top Trending

Mike Dally
Convicted Criminals Mike Dally and Diana Haun: Where Are They Now?
Google Maps
New on Google Maps: AI Enhancements & Curated Recommendations Update
meteorite staff elden ring location
Ultimate Guide to Finding the Meteorite Staff Location in Elden Ring
Oncologist Kate Diagnosis Reflects Troubling Cancer Trend
Kate's Cancer Diagnosis Highlights Troubling Trend, Says Oncologist
bill gates india global advancement
Bill Gates Highlights India as Crucial to Worldwide Advancement

LIFESTYLE

Tips to Help You Find Confidence
Five Quick Tips to Help You Find Confidence
Top Countries Where Weddings Cost a Fortune
Top Countries Where Weddings Cost a Fortune: A Global Ranking
Why Finland world Happiest Country
Unveiling the Secrets: Why Finland is the World's Happiest Country?
paul giamatti weight loss
The Ultimate Guide to Paul Giamatti's Impressive Weight Loss Journey
Best-Selling Perfumes in History
Discover the Best-Selling Perfumes in History: Timeless Fragrances

Entertainment

meteorite staff elden ring location
Ultimate Guide to Finding the Meteorite Staff Location in Elden Ring
did joni lamb remarry
Did Joni Lamb Remarry According to Biblical Principles?
isolated divine tower elden ring
How to Solve the Mystery of the Isolated Divine Tower Elden Ring
Lily Aster Gottfried
The Untold Story of Lily Aster Gottfried: The Secrets Behind The Rising Star
Will Smith Weight and Height
Will Smith Weight and Height With Body Measurements [Exact Figure]

GAMING

meteorite staff elden ring location
Ultimate Guide to Finding the Meteorite Staff Location in Elden Ring
isolated divine tower elden ring
How to Solve the Mystery of the Isolated Divine Tower Elden Ring
Casino Books to Keep You Hooked
Casino Books to Keep You Hooked!
AI for Competitive Advantage in iGaming
Leveraging AI for Competitive Advantage in iGaming
Strategies for Winning in Popular Casino Game Aviator
Strategies for Winning in Popular Casino Game Aviator: Tips and Techniques

BUSINESS

bill gates india global advancement
Bill Gates Highlights India as Crucial to Worldwide Advancement
Rafaela Nonnenmacher Bundchen
Rafaela Nonnenmacher Bündchen: The Youngest of Gisele Bündchen's Siblings
Chiefs Owner Net Worth
Chiefs Owner Net Worth Breakdown in 2024 [Latest Update]
Bitcoin Holding Despite Low Activity
Bitcoin's Standstill: Low On-Chain Activity Yet No Rush to Sell, Says Analyst
Reddit AI User Data Stock Soar
Unlocking Reddit's Success: How AI Data Boosted Its Stock?

TECHNOLOGY

How Many Wheels Are There in the World
How Many Wheels Are There in the World? The Ultimate Investigation
Ideas for QR Codes
Creative Design Ideas for QR Codes
Saudi-Owned Moroccan Plant's $47M Breakdown
Solar Power Setback: Saudi-Owned Moroccan Plant's $47M Breakdown
Building Blocks
Exploring Multichain Future: The New Era of Blockchain Building Blocks
Apple Partners with Baidu for AI Solutions
Apple Partners with Baidu for AI Solutions: Inside the Tech Giant's Move

HEALTH

brandon and mary
The Misconceptions Surrounding Brandon and Mary's Health Announcement
Luxury Depression Treatment
7 Reasons to Opt for Luxury Depression Treatment and How to Choose One?
Best Travel Jobs
11 Best Travel Jobs to Consider in 2024
Tips to Help You Find Confidence
Five Quick Tips to Help You Find Confidence
Hand of a man and a woman in metal handcuffs close-up. Codependency concept
Understanding Codependency: What It Looks Like and How to Heal?