Know how the war between Ukraine and Russia in far off lands of Europe is affecting what's cooking in your kitchen? The Sunflower oil prices have suddenly shot up ever since the war clouds began gathering over Ukraine. The reason? An estimated 70 per cent of the sunflower oil that we use in our kitchens in India comes from Ukraine.
The supply of sunflower oil has suddenly stopped with Russia carpet bombing Ukraine. The exports have stopped and there is scarcity in Indian markets. The sunflower oil is unavailable in the Indian markets now. The price of per litre sachets has gone up from Rs 110 to Rs 165 - a sudden increase of over Rs 55. With the war entering a critical phase and with both the warring countries preparing for a long haul, the price is likely to rise further.
The retailers say that the wholesalers have sufficient stocks but are hoarding it to create an artificial scarcity. The retailers allege that the wholesalers are waiting for the prices to rise further so that they can release the stock into the market for profits. They say that the wholesalers have formed themselves into a cartel to jack up the prices.
The market sources estimate that the war is likely to drag on for some more days and that the scarcity is likely to hit the markets in India. India imports a major portion of its sunflower requirements from Ukraine. The second largest supplier is Russia, which too is engaged in war. India imports palm oil from Indonesia. Earlier, it used to import from Malaysia, but India recently turned towards Indonesia.
The supply of sunflower oil has suddenly stopped with Russia carpet bombing Ukraine. The exports have stopped and there is scarcity in Indian markets. The sunflower oil is unavailable in the Indian markets now. The price of per litre sachets has gone up from Rs 110 to Rs 165 - a sudden increase of over Rs 55. With the war entering a critical phase and with both the warring countries preparing for a long haul, the price is likely to rise further.
The retailers say that the wholesalers have sufficient stocks but are hoarding it to create an artificial scarcity. The retailers allege that the wholesalers are waiting for the prices to rise further so that they can release the stock into the market for profits. They say that the wholesalers have formed themselves into a cartel to jack up the prices.
The market sources estimate that the war is likely to drag on for some more days and that the scarcity is likely to hit the markets in India. India imports a major portion of its sunflower requirements from Ukraine. The second largest supplier is Russia, which too is engaged in war. India imports palm oil from Indonesia. Earlier, it used to import from Malaysia, but India recently turned towards Indonesia.