Cooking oil is the main ingredient of any cuisine, India is the second largest importer of cooking oil and the first importer of vegetable oil worldwide, with around 56% of its cooking oil requirement being imported from more than seven countries. is done
India, the largest importer of cooking oil in the world, is now importing sunflower oil from Russia as well as Ukraine at subsidized rates.
Foreign news organizations in this regard According to Reuters India is set to increase sunflower oil imports to a record 473,000 tonnes in January this year, nearly three times its average monthly imports, industry officials told Reuters.
India’s increase in imports will help these countries reduce their stocks and may also affect Malaysian palm oil prices.
Sunflower oil was trading at a discount to soybean oil in December, said Rajesh Patel, managing partner at GGN Research. This discount makes it profitable for Indian buyers.
In the last week of November and early December last year, the sunflower oil discount to soybean oil rose to around $100 a tonne, the highest since February 2022.
Sandeep Bajoria, president of the International Sunflower Oil Association, said the agreement paved the way for exporters to transfer stocks and sign new contracts.
Read more: India finds solution to overcome cooking oil crisis
In this regard, an oil dealer based in Singapore said that Ukraine is selling seeds to Romania and Bulgaria who are processing these seeds and exporting oil to India.