Soyabean, sunflower oil prices increase in wholesale market

 

 

 

 

 

The edible oil prices like soyabean and sunflower which are largely imported in the country have increased due to delays in their supplies amid the Red Sea crisis. Also, there has been a rise in shipping and insurance charges which is putting pressure on shipments. “The soyabean and sunflower oil prices have escalated by 5 per cent within the past 15 days in the wholesale market due to the Red Sea crisis,” said Rajesh Thakkar, President of Oil Merchants Association and owner of Shantilal Oils Private Limited while speaking to The Hitavada.

 

Thakkar further said that the edible oil prices have increased on account of pirate attacks on cargo ships passing through the Red Sea towards India. Therefore, shipping traffic is being diverted from the Suez Canal and Red Sea towards a longer route from the southern tip of Africa. The crisis has also resulted in hike in shipping and insurance charges. This has affected the soyabean and sunflower oil prices in the domestic wholesale market.

 

The soyabean oil which is mostly imported from Argentina and Brazil has surged by Rs 70 per 15 kg tin due to the Red Sea crisis. Soyabean oil prices are being quoted at Rs 1,600 per 15 kg tin, as compared to Rs 1,530 in December, a rise of Rs 70 per 15 kg tin, in the Itwari wholesale market. Similarly, the sunflower oil which is mostly imported from Russia and Ukraine has increased by Rs 50 per 15 litre tin within the same period. Sunflower oil prices are being quoted at Rs 1,540 per 15 litre tin, as compared to Rs 1,490 in December, a rise of Rs 50 per 15 litre tin, in the wholesale market, he said. In case the attacks on cargo vessels passing through the Red Sea do not stop the prices of various commodities like edible oil would increase in the coming days, Thakkar further added.