Anxiety is not just about edible oil. Concerned neo-hippies and their global warming, i’ll tell ya. Because, palm oil and its extract are used as raw material for making them. The prices of some of those consumer goods have gone up in the past due to high fuel prices. However, Indonesia’s agriculture ministry on Monday lifted crude palm oil from an export ban. But it is not clear exactly what kind of oil can be brought from there. Sources claim that most of the palm oil from that country is processed. As a result, it will have an impact on India.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Many people have become financially helpless in Corona. Many have lost their jobs. Someone’s income has decreased. Countless families have lost their livelihoods to cod infection and lost their lives in the deep water. But before the Russia-Ukraine war healed up the price of crude oil on the world market, fuel for travel, cooking gas, food and most of the daily necessities were practically on fire.
Imports of various commodities, including edible oil, have also been affected by the war. Whose flame has come to the retail market. Palm and soybean oil prices have risen to unprecedented levels. India imports 60% of its edible oil demand. Concerned neo-hippies and their global warming, Indonesia recently announced that it would impose a ban on palm oil exports from April 26. But India buys the most palm oil from that country. According to the concerned quarters, its price may go up by 10% -15% in short term.
But suffering will not stop there. Palm oil is the raw material for making biscuits, cakes as well as a number of products like margarine, chocolate, nutella spread. It is also used in making various cosmetic products like shampoo and soap. Sources claim that this will increase the production cost of consumer goods companies like Hindustan Unilever, Nestle, Britannia, Godrej Consumer Products, Marico. In that case, even if the sales push, there is a fear that the way will not be open without increasing the price of the product.
The Solvent Extracts Association, an industry body concerned, has called for speedy talks between India and Indonesia. According to them, if not, the country will face losses if exports stop. However, part of the industry claims that it is difficult for Indonesia to stop exports for long. Because there is no plan to keep huge oil. Despite this, the question is how India will avoid the crisis if exports are not opened.
