|
You can get e-magazine links on WhatsApp. Click here
|
|
|
Indian edible oil traders in talks for sunflower oil supplies from Russia
|
Tuesday, 17 May, 2022, 08 : 00 AM [IST]
|
Ashwani Maindola, New Delhi
|
The Indian edible oil traders are in talks with their Russian counterparts for ensuring sunflower oil supplies to India. The Edible Oil Traders’ Association functionaries met with Russian trade officials in New Delhi recently to discuss the roadmap for edible oil trade.
Shankar Thakkar, president of the Edible Oil Traders’ Association, said that a positive outcome is expected soon.
“We have asked them to set a quota for India and ensure supplies,” said Thakkar while adding that the trade between India and Russia has begun in Rupee-Ruble and this will help considerably in export pricings.
Thakkar added that the India traders have requested the Russian side to be reasonable on pricing of the sunflower oil.
India’s sunflower oil needs are met largely by two countries: Russia and Ukraine. Nearly 70% of sunflower oil is imported in India from these two countries. However, due to the ongoing war between Russia and Ukraine, the supplies from Ukraine have stopped.
Meanwhile, the edible oil market witnessed some ease in recent time in pricing. The markets have reported around 7-8% decrease in pricing of all the edible oil except sunflower oil.
Thakkar said that the prices are expected to decrease further in coming months. Also, the ban imposed by the Indonesian Government on the palm-oil export is proving counterproductive for them, as the country has limited refineries and storage facilities.
Further, the edible oil traders have requested the Union government to ease the unloading process at the ports of entry to ease pricing in the domestic market “The major problem is getting a berth to unload the container at the ports. This may take up to two weeks’ time and hit the supplies in the domestic market,” said Thakkar.
He suggested that the Government should treat edible oil as a priority product so that minimum time is taken for unloading the imported consignment.
|
|
|
|
|
|
|