Russia and Ukraine are currently at war situation. The Ukraine-Russia conflict has caused a stir internationally. Russia's invasion of Ukraine has had a devastating effect. This war is affecting India as well. Edible oil prices have skyrocketed in the country in a single day. An increase of one thousand rupees per quintal. The budget of the common man has collapsed due to this increase in prices. Meanwhile, rising crude oil prices are likely to hit the government by Rs 1 lakh crore. This is according to a report by SBI's Economic Research Division.
The Ukraine-Russia conflict is also affecting India. Edible oil prices, which have been stable for the past four months, have risen sharply in just two days. The war between Russia and Ukraine has pushed up oil prices. About 70% of India's sunflower oil is imported from Ukraine. But traders say the war has affected this income. Experts said that the rise in edible oil prices was due to stockpiling of oil in some areas.
"India imports about two lakh ton per month of sunflower seed oil and at times it goes up to three lakh tons per month. India is dependent on edible oil imports to the tune of about 60 per cent. Any global development will have an impact," said Sudhakar Desai, President, Indian Vegetable Oil Producers' Association (IVPA).
Today's oil prices
Soybean Oil - Wednesday Price - Rs 150 per kg (Today's - Rs 163)Palm oil - Wednesday price - Rs 145 per kg (today's Rs 155)Sunflower Oil - Wednesday Price - Rs 160 per kg (Rs 170)Peanut Oil - Wednesday Price - Rs 170 per kg (Rs 177)