Not a good news for middle-class families, edible oil price can increase more!
Edible oil imports hit a four-year low in February 2025 following last year’s import duty hike, pushing cooking oil prices up by 3 to 11 rupees. Imports of soya and sunflower oil declined sharply, leading to a 12% drop in total imports. Analysts warn further duty hikes could support local farmers but raise prices.
Edible Oil: The repercussions of the decision to raise the import duty on edible oils in September of the previous year continue to be felt. As of February 2025, imports of edible oils have plummeted to a four-year low, indicating potential further price hikes. This year, the cost of cooking oil has surged by 3 to 11 rupees. Experts attribute the diminished supply of oil to the increased import duty.
Media reports indicate a significant decline in the imports of soya oil and sunflower oil, resulting in an overall decrease of 12% in edible oil imports, which totaled 8.84 lakh tonnes in February—the lowest figure since February 2021. While palm oil imports reached a 14-year low in January, they rebounded by 36% to 3.74 lakh tonnes in February.
Conversely, imports of soybean oil and sunflower oil have sharply decreased, hitting eight-month and five-month lows, respectively. Analysts suggest that the government may consider further raising the import duty to support local farmers. This move could bolster domestic production; however, the combination of reduced imports and dwindling stocks may lead to additional increases in edible oil prices in the near future.
To read more about Edible Oil News continue reading Agriinsite.com
Source : Times Bull
