Business Standard

India braces for sharp rise in edible oil rates, but spike could be short

Indonesia has banned palm oil exports, but it has to liquidate stockpile and demand could be met from other sources.

Edible Oil
Premium

India is the world's biggest importer of palm oil and relies on Indonesia for nearly half of the 700,000 tonnes it takes in every month

Sanjeeb MukherjeeSharleen D'SouzaAgencies New Delhi/Mumbai
India’s edible oil markets braced for a sharp rise in prices after Indonesia banned on palm oil exports, but opinion was divided as to whether the spike will sustain for long because the Southeast Asia nation is sitting on a stockpile it must liquidate.

India and elsewhere palm oil is used in multiple things: cakes, frying fats, cosmetics and cleaning products. It accounts for nearly 60 percent of global vegetable oil shipments, and top producer Indonesia accounts for around a third of all vegetable oil exports.

Soybean oil, too, traded around record levels in Chicago on Indonesia’s sweeping ban while

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in