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India buys Russian sunflower oil at record price as Ukraine supplies stop

Sunflower oil from Russia could help the world's biggest edible oil importer in easing the shortfall at a time when availability of vegetable oils is stretched

Bottles of sunflower oil move along the production line at the EFKO JSC plant in Alekseyevka, Russia, on Friday, April 30, 2021. Photo: Bloomberg

Bottles of sunflower oil move along the production line at the EFKO JSC plant in Alekseyevka, Russia, on Friday, April 30, 2021. Photo: Bloomberg

Reuters MUMBAI
India has contracted 45,000 tonnes of Russian sunflower oil at a record high price for shipments in April as edible oil prices in the local market surged after supplies from rival Ukraine stopped because of the war, five industry officials told Reuters.
Sunflower oil from Russia could help the world's biggest edible oil importer in easing the shortfall at a time when availability of vegetable oils is stretched because of Indonesia's decision to restrict palm oil supplies and lower soybean crop in South America.
"As vessel loading is not possible in Ukraine, buyers are trying to secure supplies from Russia," said Pradeep Chowdhry, managing director of Gemini Edibles & Fats India Pvt. Ltd, which contracted 12,000 tonnes of Russian sunflower oil for April shipments.
Refiners bought crude sunflower oil at a record price of $2,150 a tonne, including cost, insurance and freight (CIF), in India for April shipments, compared with $1,630 before Russia invaded Ukraine, dealers said.
 
(Editing by Sanjeev Miglani)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 29 2022 | 1:16 PM IST

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