Edible Oil Prices Soar as Russia-Ukraine Conflict Hits Sunflower Oil Import
The prices of edible oil are soaring as the import of sunflower oil from Ukraine and Russia has stopped amid the ongoing war between the two countries.
Pune, March 15: The prices of edible oil are soaring as the import of sunflower oil from Ukraine and Russia has stopped amid the ongoing war between the two countries.
Kanhaiya Lal Gujrathi, Director, Poona Merchant's Chamber, told ANI, "The oil prices have increased by around Rs 300 to Rs 400 per 15 kg container. There is a shortage of oil in the market as the import has stopped totally." Russia-Ukraine War: Europe Faces Deficit in Sunflower Oil As Exports From Ukraine Stops.
Another trader said, "There is a shortage of oil in the market and the rate, especially of the sunflower oil, has increased by around Rs 600 per 15 kg container which is going to impact the common man." The sunflower oil is imported in India majorly from Ukraine and Russia. Russia-Ukraine War Latest Updates: Peace Talks Hit ‘Technical Pause’ To Clarify Terms; Ukraine Economy Could Contract As Much as 35% if War Drags On, Says IMF.
Gujrathi said, "Before the war between the two nations started, the soyabean oil was sold around Rs 1950 which has now increased to Rs 2500, while the sunflower oil was earlier at Rs 2,150 which has now crossed Rs 2,750."
A retailer while speaking to ANI said, "The rates of oil will not come down until the war is going on. People have started to stock up on edible oil as they fear that they will not get enough in future."
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