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<keyword id="161914" type="General" weightage="20" keywordseo="godrej-agrovet" source="Orion">Godrej Agrovet</keyword> was allotted about 47,000 acres of land in Sangareddy district in Telangana for oil palm plantation, the company said in a release on Tuesday. Allocated by Telangana's Department of Agriculture and Cooperation (Horticulture and Sericulture), the allotted area will be utilized by the company to expand the cultivation of oil palm and set up processing units. Recently, Godrej Agrovet inaugurated an edible oil refinery at Chintalapudi in the Eluru district "We are delighted to receive additional district in the fresh allotment released by the Government of Telangana. It is a testimony of GAVL's commitment and efforts to boost oil palm plantations and promote farmer prosperity in the region. We would like to thank Government of Telangana for their support and commitment to this initiative which will benefit the farmers," said Balram Singh Yadav, Managing Director, Godrej Agrovet. The company has an expertise of more than three decades in the oil palm business. The Telangana government has set a target to extend the cultivation of oil palm across 20 lakh acres in the state. A total of ₹1,000 crore is proposed in the Budget for 2023-24 for oil palm cultivation. India is the world's second-largest consumer and number one <keyword id="451493" type="General" weightage="20" keywordseo="vegetable-oil" source="Orion">vegetable oil</keyword> importer, and it meets 60% of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia. Although oilseed production in India has grown over the years, the production has lagged behind its consumption, resulting in continuous dependence on imports.

Telangana govt allots Godrej Agrovet 47,000 acres for oil palm plantation

New Delhi [India], November 2 (ANI): In a move to further make the edible oil supply chain seamless, the central government has exempted the current stock limit for wholesalers and big chain retailers. The order will come into effect immediately, a <keyword id="393956" type="General" weightage="20" keywordseo="ministry-of-consumer-affairs" source="Orion">Ministry of Consumer Affairs</keyword>, <keyword id="427106" type="General" weightage="80" keywordseo="food-and-public-distribution" source="Orion">Food and Public Distribution</keyword> statement said late Tuesday evening. The removal of wholesalers and big chain retailers from the stock limit order would allow them to keep various varieties and brands of edible oils, which they are unable to keep at present due to the limits imposed. "A need was felt for exempting big chain retailers and wholesalers from the stock control order as reports were coming that Wholesalers and big chain retail outlets were facing problems in their sale due to the Control Order as the limits specified for them was very less and replacement of shelf stocks in city limits is not possible on an everyday basis," the statement read. In view of the restoration of ample supplies and continuous decline in the prices of edible oils both in the international and domestic market, the statement said it was an "opportune time" for the exemption. "The removal will also have a positive effect on the oilseed prices as it will boost procurement of the oilseeds hereby increasing the returns of domestic oilseeds growing farmers," it added. Initially, the stock limits were imposed in October 2021. Subsequently, the stock limit quantities on edible oils and oilseeds were extended upto June 2022 and later the order was further extended upto December 31, 2022. "The Stock Limit Order was imposed in the country due to increasing prices of edible oils both in international as well as domestic market. Its high volatility was leading to hoarding, profiteering and black marketing at that time. This timely intervention by the Government had led to significant decline of the skyrocketing prices and had helped to keep a check on the hoarding, especially soyabean seeds," Tuesday's statement further said. India is the world's second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. (ANI)

Govt exempts wholesalers, big retailers from stock limit on edible oil, oilseeds

<ul><li>When the government slashed import duties on palm, sunflower and soyabean oils earlier this month, it left out healthy edible oils such as olive and olive pomace oil.</li><li>These duties cuts have altered the price gap that exists between healthy and unhealthy oil options.</li><li>Healthy oil manufacturers like Modi Naturals and Marico are bearing the brunt of hefty import duties and passing it on to consumers.</li><li>Indians have already been downtrading from brands to unbranded or local items when it comes to packaged foods, now there will be a similar trend in <keyword id="57322" type="General" weightage="20" keywordseo="edible-oil" source="Orion">edible oil</keyword> too.</li></ul>Indian households have been reeling under the stress of hikes in <a href="https://www.businessinsider.in/india/news/after-fuel-government-moves-to-reduce-the-price-of-edible-oil-by-15/litre/articleshow/92793370.cms">edible </a>oil for months – a key element that determines their thalinomics. This heavily imported food product has been hit by supply chain issues, export bans and more but just as a few weeks back, they had started to <a href="https://www.businessinsider.in/india/news/after-fuel-government-moves-to-reduce-the-price-of-edible-oil-by-15/litre/articleshow/92793370.cms">cool </a>off a bit, thanks to global price <a href="https://www.businessinsider.in/india/news/after-fuel-government-moves-to-reduce-the-price-of-edible-oil-by-15/litre/articleshow/92793370.cms">drop. </a> A few companies like Adani Wilmar had reduced the sticker price too. The centre too moved to make it affordable again by <a href="https://www.livemint.com/industry/agriculture/govt-slashes-effective-import-duty-on-crude-palm-oil-to-5-5-to-cool-edible-oil-prices-11644721728342.html">slashing </a>import duties and asked the manufacturers to <a href="https://www.deccanherald.com/business/business-news/centre-asks-edible-oil-industry-to-slash-prices-1125041.html">pass it on to consumers </a>by up to ₹10-12 per litre. These duty cuts will also offset the fall in rupee value that will affect the economics of imported products. India is highly dependent on oilseeds growers outside the country as it is the world's second-largest <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/huge-edible-oil-imports-compromise-indias-interest-imperative-to-become-self-reliant/articleshow/92796952.cms?from=mdr#:~:text=India%20is%20the%20world's%20second,in%20continuous%20dependence%20on%20imports.">consumer </a>and number one <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/huge-edible-oil-imports-compromise-indias-interest-imperative-to-become-self-reliant/articleshow/92796952.cms?from=mdr#:~:text=India%20is%20the%20world's%20second,in%20continuous%20dependence%20on%20imports.">importer </a>of vegetable oil. It meets 55-60% of its needs through imports. “Since the global edible oil prices have reduced by 25-30% and the Indian government has also reduced the import duty on edible oils, the rupee depreciation against dollar and its impact on local prices will be offset by that. Hence, we don't see the price hike in edible oils in India due to rising dollar against rupee,” Akshay Modi, MD of Modi Naturals’ told Business Insider India. According to recently released data by the Ministry of Statistics and Programme Implementation, edible oil <a href="https://mospi.gov.in/documents/213904/416359//CPI%20Press%20Release%20June%2020221657627219122.pdf/dd978e29-3d3b-c0a8-5a4f-8d41ee23027f">prices are over 9% higher than they were </a>last year. After vegetables and spices, oils and fats have seen the biggest increase in the inflation rate during the same period. Healthy vs unhealthy While these duty cuts helped, they have also altered the price gap that exists between healthy and unhealthy oil options. Duty cuts were taken by the government for palm, sunflower and soyabean, and the centre has left out olive and olive pomace oil, both of which are imported too. These two oils are considered the healthiest of the old due to their antioxidant properties. “When it comes to other healthy edible oils like rice bran and olive pomace oils, the duties are still disproportionately high at 38.5%, leaving consumers with no healthy options to choose from. We urge the government to reduce the duty on crude oils of these sources, make it a level playing field and give consumers healthy options to choose from,” Modi told Business Insider India. Manufacturer of Oleev oil Modi Naturals’ five-liter olive pomace currently costs ₹2199. Dhara’s <keyword id="58302" type="General" weightage="20" keywordseo="sunflower-oil" source="Orion">sunflower oil</keyword>, on the other hand, costs ₹943 for 5 liters. The price of olive oil is already high and disproportionate duties might make them costlier by comparison. As trends indicate, Indians have already been downtrading from brands to unbranded or local items when it comes to packaged foods. And, it has already affected FMCG major Marico. Its healthy cooking oil brand version <a href="https://www.businessinsider.in/india/news/oats-and-honey-are-some-of-the-health-foods-that-indians-are-buying-less-of/articleshow/92697833.cms">Saffola declined in double digits </a>in the quarter ending June 2022. “Saffola Oils declined in double digits, having to contend with high in-home consumption in the base quarter and significant downtrading visible from super premium to mass segment in edible oils,” the company said in a statement to the stock exchanges. Marico has a range of healthy cooking oil options under its brands named Weight Watchers, Total Pro Heart and more. It also has cans of rice bran oil with other vegetable oils, providing a multitude of options for consumers searching for healthy options.

Cooking oils are getting cheaper but healthier options are as pricier as they were

Opening your social media has become an unintentional gamble in recent times. You either stumble upon an adorable video of someone’s pet, or get blasted with the most diabolical political opinion you’ve ever had the misfortune of witnessing. However, such apps have also fuelled a sort of food revolution among the masses recently, with more and more people looking out for <keyword id="21712333" type="General" weightage="20" keywordseo="healthier-food-alternatives" source="keywords">healthier food alternatives</keyword> to supplement their main meals and guilty snacking habits. While this is undoubtedly a great step considering how much of our health hinges on our food intake, one question has been increasingly puzzling everyone out of their minds: what exactly is healthy anymore? To get to the bottom of the matter, we looked at the latest <keyword id="21712334" type="General" weightage="20" keywordseo="Indian-dietary-guidelines" source="keywords">Indian dietary guidelines</keyword> released by the Indian Council of Medical Research (<keyword id="19918794" type="General" weightage="20" keywordseo="ICMR" source="keywords">ICMR</keyword>), and our findings left the office erupting in groans. According to the medical board, some examples of <keyword id="21712332" type="General" weightage="100" keywordseo="ultra-processed-food" source="keywords">ultra-processed food</keyword> include commercially produced <keyword id="93269" type="General" weightage="20" keywordseo="bread" source="Orion">bread</keyword>, breakfast cereals and even other staples such as refined flour and <keyword id="6446947" type="General" weightage="20" keywordseo="butter" source="Orion">butter</keyword>. <cmsannotation type="cmsannotation" annotationid="What counts as &quot;ultra-processed&quot;?" comment="subhead" text="What counts as &quot;ultra-processed&quot;?">What counts as "ultra-processed"?</cmsannotation> Before you throw your snack out the window, let’s understand what “ultra-processed” means. Considering that we don't live in a utopia where we can just head out and bite the stalks off a wheat plant for sustenance, most of the food we consume has to undergo some processing to make them suitable for consumption. Thus, grains are grinded into flour, fruits may have to be refrigerated and milk pasteurised — all forms of processing that make these healthy food items ready to eat. However, in the pursuit to improve taste, appearance or shelf-life, many companies subject their food products to extensive industrial processing by integrating a concerning amounts of additives such as preservatives, sweeteners, colourings, flavourings, emulsifiers, and other substances that would not typically find in an everyday kitchen. These are massive no-nos, as far as the ICMR is concerned. <cmsannotation type="cmsannotation" annotationid="Heart attack, stroke, obesity" comment="subhead" text="Heart attack, stroke, obesity">Heart attack, stroke, obesity</cmsannotation> These ultra-processed foods (UPFs) also tend to be excessively high in fats and unusually low in fibres and essential <keyword id="19896135" type="General" weightage="20" keywordseo="nutrients" source="keywords">nutrients</keyword>. Studies have shown that a diet that is rich in such items can lead to obesity, hasten ageing, and are associated with a higher risk of heart attack, strokes, diabetes and poorer overall health. Perhaps the worst problem with them is that such foods are typically very cheap and easily accessible, leading them to be a popular choice for the masses. Further, enriching UPFs with nutrients still does nothing to make them wholesome or healthy. The ICMR advises against overconsumption of “level C” foods, which means that these edibles are high in sugars and salts and/or have been subjected to extensive techniques that break down nutrients such as vitamins, minerals and fibre in them. Such processes include over-refining of flours, juicing of fruits, subjecting the food items to high temperatures and pressures, and canning and preservation. <cmsannotation type="cmsannotation" annotationid="List of foods classified as ultra-processed" comment="subhead" text="List of foods classified as ultra-processed">List of foods classified as ultra-processed</cmsannotation> According to the ICMR, Group C food items include commercially produced bread, breakfast cereals, cakes, chips, biscuits, fries, jams, sauces, mayonnaise, commercially produced ice cream, protein packs powders, peanut butter, soy chunks, tofu, frozen foods with additives, commercially produced cheese, butter, paneer with additives, meats, plant-based meats, refined flours of cereals, millets and legumes, energy drinks, health drinks added to milk, beverages and fruit juices. The group also includes many culinary ingredients such as cooking oils, refined sugars, salt and spices, since cosmetic food additives such as artificial colours and emulsifiers are often used in their processing. As social media drives a growing interest in healthier eating habits, it becomes crucial for consumers to discern and avoid these heavily processed items, favouring more natural and minimally processed alternatives to promote better overall health. However, moderation is perhaps the word of the year, and it would do well to learn about the stuff that goes inside our bodies, rather than live in fear of them. The full ICMR report can be accessed <a href="https://main.icmr.nic.in/sites/default/files/upload_documents/DGI_07th_May_2024_fin.pdf" data-type="tilCustomLink">here</a>.

Bread, butter, milk-based health drinks, cooking oils classified as ultra-processed food, ICMR advises restriction

<ul><li>Demand in the first quarter has shrunk because of high prices in April and May, said <keyword id="236770" type="General" weightage="80" keywordseo="adani-wilmar" source="Orion">Adani Wilmar</keyword> CEO on <keyword id="57322" type="General" weightage="20" keywordseo="edible-oil" source="Orion">edible oil</keyword> sales.</li><li>The demand in rural areas will continue to be slow in the second quarter too, the company says</li><li>Consumers are downgrading to smaller packs and cheaper brands, the company says.</li><li>Adani’s own King’s brand that’s cheaper than Fortune, has performed better in some rural pockets.</li></ul>Adani Wilmar witnessed subdued demand from rural India in its first quarter, in spite of <a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-cuts-fortune-oils-for-the-second-time-by-20/articleshow/92952328.cms">slashing </a>its edible oil prices in late June. “Demand in the first quarter has not grown. It has actually shrunk because of the very high prices in April and May, partially coming down in June and then July,” Angshu Mallick, CEO, Adani Wilmar told Business Insider India. Its refined oil sales, under the <keyword id="1385434" type="General" weightage="20" keywordseo="fortune-oil" source="Orion">Fortune Oil</keyword> brand, was lower by 5.6% as compared to last year. Adani Wilmar had even <a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-cuts-fortune-oils-for-the-second-time-by-20/articleshow/92952328.cms">announced a second reduction</a> in its sticker price in July by up to ₹20, but <keyword id="884977" type="General" weightage="20" keywordseo="rural-demand" source="Orion">rural demand</keyword> hasn’t picked up. It probably won’t in the second quarter either. This, however, has more to do with rural India’s spending power than the prices. “The demand in rural areas will continue to be slow in the second quarter also because they would look forward to a better crop, which they will harvest only from October onwards. So from the money point of view, farmers will not have any great money. I don't think rural demand will be any robust,” Mallick told Business Insider India. Smaller packs, cheaper brands Since oil is a household essential, consumers, the company says, are downgrading to smaller packs and cheaper brands. Adani Wilmar’s own edible oil brands at the lower rung like King’s and Aadhar, have performed better in some rural pockets. “In every FMCG category, we have seen that consumers have shifted to masstige brands or popular brands rather than premium. From premium, they have downgraded and we have seen that in edible oil also,” said Mallick. Masstige brands are mass-market brands which are priced lower than premium but still retain a ‘brand’ value. Apart from masstige brands, Adani also saw more demand for mustard oil from rural India. “When it comes to mustard oil, we have seen that Fortune mustard oil has much stronger equity than the masstige brands because consumers are afraid of any adulteration. So, here our Fortune has done much better,” said Mallick. However, the trend of smaller packs has pushed up its volumes as consumers are now buying four to five times a month. “If a single payment is ₹150 a litre, consumers have to pay out almost ₹2,500 for a 15 litre pack. So, paying ₹2500 altogether by a rural or a small-town consumer is definitely tight and tough. Against that, they can always pay ₹100 and buy a half litre bottle or ₹200 for one litre,” Mallick said. Also, after two price slashes in two months, they do not want to buy large quantities as they hold on to hope of another price cut.

No festival cheer ahead for Fortune Oil’s rural sales, says Adani Wilmar CEO

<ul class="summary-list"><li>China has been hit by another major food scandal, this time involving cooking oil in chemical tanks.</li><li>State media found tank trucks were delivering chemicals and edible oil interchangeably without cleaning.</li></ul>A new cooking-oil scandal has erupted in China, about a decade after the country's infamous crackdown on restaurants reusing gutter oil and sewage grease.The furor follows a <a target="_blank" href="https://m.bjnews.com.cn/detail/1719878490168127.html">bombshell investigation</a> published on July 2 by the state media outlet Beijing News, which found multiple cases of tank trucks transporting edible cooking oil immediately after delivering chemicals used for coal-to-liquid processing.The report's author, Han Futao, found that none of the tank interiors were cleaned between loads.Han described one case in which a tank truck in Hebei province delivered chemicals in Qinhuangdao before rushing to Sanhe days later to be filled with soy oil.Several truck drivers told Beijing News the practice was a widespread cost-saving measure used by firms with thousands of trucks — an "open secret" in the industry, Han wrote.In some seasons, the truckers said, drivers would transport industrial wastewater before delivering edible oils.These chemicals aren't classified as flammable or hazardous, or else Chinese law would mandate that they be transported in special tanks.The report has since ignited outrage on China's social-media platforms, which have become inundated with viral topics discussing the scandal.<a target="_blank" href="https://std.samr.gov.cn/gb/search/gbDetailed?id=71F772D80340D3A7E05397BE0A0AB82A">National regulations</a> have been a key target for public anger. They recommend that oil companies use tank trucks dedicated to edible substances, but the guideline is only encouraged and isn't mandatory."Shouldn't a kerosene can be a kerosene can and a cooking-oil can be a cooking-oil can? Even if they are cleaned, they are not necessarily that clean," one top comment on <a target="_blank" href="https://weibo.com/2028810631/OmI2Y2ic0?refer_flag=1001030103_">Weibo</a>, China's version of X, said.The backlash ballooned even further when people began reposting <a target="_blank" href="https://weibo.com/1642512402/OmIzhaFJN?refer_flag=1001030103_">regulatory warnings from 2013</a> about the practice in Hunan province, indicating its use for more than a decade.A <a target="_blank" href="https://news.sina.cn/sa/2005-12-19/detail-ikknscsi9329300.d.html">2005 local news report</a> describing the mixing of edible oils with "hazardous chemicals" during transport went viral, too."They've been caught before, but the problem persists. Is the punishment harsh enough?" <a target="_blank" href="https://weibo.com/2197587727/OmJc3zD4g?refer_flag=1001030103_">one blogger wrote</a>."19 years ago, the media reported that the tanks were mixed with food. Why hasn't it been solved yet?" <a target="_blank" href="https://weibo.com/1582297713/OmIYQbP6u?refer_flag=1001030103_">another wrote</a>.Days after Beijing News' report, state media jumped in with scathing commentary."If this is an 'open secret in the industry,' where does it put the public's health and life safety? Where does it put the dignity and justice of the law?" the <a target="_blank" href="https://www.thepaper.cn/newsDetail_forward_28008070">People's Daily</a> columnist Zhang Jingshan wrote on Monday evening.Sinograin, a state body that oversees China's grain and oil stocks, <a target="_blank" href="https://weibo.com/5042945896/OmhMEmWoZ">published a statement</a> on Saturday saying it had launched an investigation into the "mixed use of tank trucks."But the statement has been followed by calls online for a wider investigation involving higher authorities."Checking your own unit is like covering your ears while stealing a bell," <a target="_blank" href="https://weibo.com/7880066476/OmIuOt3z7?refer_flag=1001030103_">wrote one blogger</a> demanding an explanation. "This needs the attention of the relevant departments. Food is a major issue of people's livelihoods and shouldn't be underestimated!"Food safety in China has already been a sensitive topic for years in the wake of multiple scandals involving gutter oil and deadly chemicals in baby milk powder.The repeated controversies have contributed to <a target="_blank" href="https://www.businessinsider.com/china-food-scandal-middle-class-buy-direct-farms-2021-12">growing distrust in cities toward commercially sold foods</a> in supermarkets and grocery stores, sparking a campaign by the central government to <a target="_blank" href="https://news.cgtn.com/news/2019-09-04/Why-China-can-guarantee-food-safety-JIh4q7AQ6I/index.html">promote food safety</a> in the country.

China is freaking out over an 'open secret' that its cooking oil was ferried for years in chemical tanks that weren't cleaned

<ul><li>Earlier this week, the government reduced the base import prices of crude palm oil and soy oil.</li><li>Following this, edible oil companies have slashed prices of <keyword id="44868" type="General" weightage="20" keywordseo="cooking-oil" source="Orion">cooking oil</keyword>.</li><li>Additionally, prices of household products like soaps, biscuits, noodles and even shampoo, lipsticks and detergents will also fall as palm oil is one basic ingredient here.</li></ul>One of India’s top FMCG companies, Adani Wilmar reduced the prices of one of the priciest of groceries in recent times – cooking oil. "We are passing on the benefit of the reduced cost to our customers. We are confident the lower prices will also boost demand," said Angshu Mallick, MD and CEO at Adani Wilmar after reducing the price of Fortune refined Sunflower oil's one-litre pack by ₹10 to ₹210. This comes after Hyderabad-based Gemini Edibles &amp; Fats and Mother Dairy both cut prices of cooking oil by ₹15 on one-litre pack – bringing relief to this household essential which has been on the receiving end of inflation for months now. This sentiment could spread across more packaged products, by more FMCG majors. “We expect consumer and retail companies to pause taking further price increases though sector valuations appear rich, with improving out‐of‐home consumption,” said a report by Centrum Broking firm. In the last few months as input costs rose, <keyword id="160413" type="General" weightage="20" keywordseo="fmcg-players" source="Orion">FMCG players</keyword> have been resorting to reducing pack sizes while increasing pack prices. A reduction in base import of crude palm oil, soy oil could be passed on to other products in which it is used like — soaps, biscuits, noodles and even shampoo, lipsticks and detergents. It would mean a sharp reduction in household grocery bills, which have only been on the rise for consumers. Normal monsoon can aid the sector to remain green Lower prices would also mean the tapering demand for packaged products would also improve. Also, there are expectations that rural demand may recover on the back of higher government spending and normal monsoon. Rural demand has been hit after consumers <a href="https://www.businessinsider.in/india/news/life-in-rural-india-hit-by-a-wilted-rabi-crop/articleshow/92333426.cms">traded down to cheaper and smaller packets </a>after inflation hit their doorsteps much harder than it did for urban consumers. If and when consumers shift to smaller pack sizes, most FMCG players tend to lose market share to local and regional players who cater more variety at those price points. However, if pack prices improve, FMCG majors’ volumes will improve – which have been losing revenue for the last eight months. Rural economy is key for FMCG players as a cool off in agricultural commodities inflation will also help reduce their own costs and improve margins. “If commodity prices witness correction from the current level, margins of consumer goods companies might witness a sequential improvement from Q3 FY2023. Commentary of most consumer goods companies suggests recovery in sales volume from Q2/Q3 of FY2023, if the inflation environment stabilizes in the coming months,” said analysts at Sharekhan. An FMCG bull run The optimism around the sector picking up soon is reflected in companies share prices as well. In a weak market sentiment, shares of FMCG players were among the biggest gainers as their fortunes will improve irrespective of worries about global interest rates and a possible recession in the US. “We are very bullish on the FMCG sector from here because we believe costs are coming down from previous highs and they are in a position to pass on incremental costs to consumers, which will help to increase these companies' margins,” said Ravi Singhal, vice chairman at GCL Securities. An FMCG bull run in a market would actually buck the trend of an overall lack of enthusiasm in stocks — proving the theory that no matter what happens, people will keep buying essentials albeit at the right price. <div type="image" title="color fmcg" height="900" width="1200" msid="92336486" hostid="261"></div> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/life-in-rural-india-hit-by-a-wilted-rabi-crop/articleshow/92333426.cms">Vanished savings, trading down to cheaper essentials – life in rural India hit by a wilted Rabi crop</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/india-heads-into-the-thunderstorm-zone-right-after-the-heatwave-orange-alerts-issued/articleshow/92333863.cms">India heads into the thunderstorm zone right after the heatwave, orange alerts issued</a>

Cooking oil prices drop - soaps, noodles and detergents might follow suit

New Delhi, The country's vegetable oil imports declined by 28 per cent to 12 lakh tonnes in January from a year-ago period, industry body <keyword id="19986409" type="General" weightage="20" keywordseo="sea" source="keywords">SEA</keyword> said on Monday. Vegetable oil imports stood at 16.61 lakh tonnes in January 2023. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is a leading vegetable oil buyer in the world. In the first quarter (November-January) of the current oil year, total imports dropped 23 per cent to 36.73 lakh tonnes as against 47.73 lakh tonnes in the same quarter of previous year. According to the <keyword id="20059424" type="General" weightage="20" keywordseo="solvent-extractors-association-of-india" source="keywords">Solvent Extractors Association of India</keyword> (SEA), about 7,82,983 tonnes of palm oil and 4,08,938 tonnes of soft oil were imported in January this year out of total vegetables oils. As on February 1, total edible oils stock stood at 26.49 lakh tonnes, down 7.64 per cent from that of the year-ago period, it said in a statement. SEA said prices of edible oils, which are currently low, may go up this year on lower production, global economic issues and supply constraints. The availability of palm oil for edible oil requirements has come down as the two main producers, Malaysia and Indonesia, are diverting it for the production of bio-diesel. This could result in an increase in prices this year, it said. Global palm oil output was seasonally low in January-March 2024, leading to a reduction of stocks both in producing as well as importing countries, it added. India imports palm oil mainly from Indonesia and Malaysia and a small quantity of crude soft oil, including soyabean, from Argentina. Sunflower oil is imported from <keyword id="19895162" type="General" weightage="20" keywordseo="ukraine" source="keywords">Ukraine</keyword> and <keyword id="19895159" type="General" weightage="20" keywordseo="russia" source="keywords">Russia</keyword>.

India's vegetable oil imports fall 28% in January says industry body SEA

<ul class="summary-list"><li><keyword id="11955096" type="UNKNOWN" weightage="60" keywordseo="indonesia" source="Orion">Indonesia</keyword>, a top palm-oil exporter, is planning to ban exports beginning on Thursday.</li><li><keyword id="12653021" type="UNKNOWN" weightage="60" keywordseo="palm-oil" source="Orion">Palm oil</keyword>, the world's most used vegetable oil, is used in cooking and a range of consumer products.</li></ul>The world's top palm-oil producer announced that it would ban exports of the commodity starting on Thursday, sending the prices of edible oils soaring.Indonesia accounts for about half of the world's supply of palm oil, the world's most widely used vegetable oil. Palm oil is used for cooking and for the production of thousands of consumer products, including biscuits, detergents, and lipsticks.In a video statement on Friday, Indonesian President <a href="https://twitter.com/jokowi/status/1517505296968536065?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1517505296968536065%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.dw.com%2Fen%2Findonesia-bans-palm-oil-exports%2Fa-61566183">Joko Widodo</a> said the move was designed to bring down domestic palm-oil prices and ensure domestic food availability in the wake of global food inflation."I will monitor and evaluate the implementation of this policy so availability of <keyword id="11900969" type="UNKNOWN" weightage="60" keywordseo="cooking-oil" source="Orion">cooking oil</keyword> in the domestic market becomes abundant and affordable," Widodo said, a <a href="https://www.reuters.com/world/asia-pacific/indonesia-ban-palm-oil-exports-shore-up-supply-soyoil-futures-surge-2022-04-22/">Reuters</a> translation reported.The move comes as Indonesia has seen recent protests over the high prices of cooking oil, with retail prices gaining more than 40% so far this year, <a href="https://www.reuters.com/article/indonesia-palmoil-president-idAFL2N2WK0MX">Reuters</a> reported.The ban is expected to be in place until further notice. Indonesian palm-oil exports were worth about $30 billion in 2021, the data provider <a href="https://www.statista.com/statistics/1095648/indonesia-palm-oil-export-value/">Statista</a> showed.Sri Mulyani Indrawati, Indonesia's finance minister, told <a href="https://www.reuters.com/business/energy/indonesias-indrawati-says-palm-oil-export-ban-will-hurt-other-countries-2022-04-22/">Reuters</a> on Friday that the palm-oil ban would hurt other countries, but that it was necessary to contain the soaring domestic prices of cooking oil.Benchmark crude palm-oil futures on the Bursa <keyword id="8695" type="UNKNOWN" weightage="60" keywordseo="malaysia" source="Orion">Malaysia</keyword> exchange jumped as much as 7% on Monday morning. They are up over 40% year to date.Prices for alternative vegetable oil also spiked in response to the impending ban on palm-oil exports in Indonesia. Benchmark Chicago soybean oil prices hit their highest levels since 2008, <a href="https://www.reuters.com/article/global-grains-idAFL2N2WN02B">Reuters</a> reported.Prices of edible oil — including palm oil — have been rising because of the war in Ukraine, as the country is a large sunflower-oil exporter. "Edible oils are often interchangeable, so a shortage of one type exerts pressure on the others," <a href="https://gro-intelligence.com/insights/indonesia-palm-oil-export-ban-drives-up-vegetable-oil-prices">Gro Intelligence</a>, a global agriculture data-analysis firm, wrote in an April 23 note.Gains in vegetable-oil prices are outpacing overall food-price increases, Gro Intelligence wrote in the report. US prices of a basket of common vegetable oils are up 41% on year, while food prices are up 25% on year."Indonesia's ban on exports is likely to further fuel global food inflation," the firm added.

Indonesia, the world's top cooking-oil exporter, says it's going to ban exports of the oil this week, and it's sent the global prices of edible oils soaring

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