Global supply shortfall, higher freight rates may raise edible oil prices
Edible oil prices in India are likely to spurt by the middle of the year as a global supply shortfall and higher freight rates due to the Red Sea crisis may impact imports to the country.
Edible oil prices are currently ruling lower than last year, with increased availability from good carryover stock. But industry experts reckon that the situation could change in a few months. Around 60 percent of the country’s edible oil requirement is met through imports.
Where do prices stand now?
Currently, in the domestic market, groundnut oil prices are almost at the same level as last year, while mustard oil, soybean oil and sunflower oil are lower by 15-20 percent from a year ago. The decline in palm oil is 12 percent, compared from a year before……
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