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The <keyword id="26362" type="General" weightage="20" keywordseo="government" source="Orion">government</keyword> has reduced the <keyword id="6357502" type="General" weightage="20" keywordseo="import-duty" source="Orion">import duty</keyword> on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost the domestic availability and check prices, a finance ministry notification said. Usually, India imports 'crude' soybean and sunflower oils and not their 'refined' form. Yet, the government has reduced the duty on refined soybean and sunflower oils. With this reduction, the effective duty on refined edible oils stands at 13.7 per cent, including cess on social welfare. The effective duty on all major crude edible oils is 5.5 per cent. Commenting on this, Solvent Extractors' Association of India (SEA) Executive Director B V Mehta said the move may have some temporary impact on market sentiments but unlikely to attract imports. "Basically, government wants to keep the prices of edible oils under check. Even with less duty difference between crude and refined soya and <keyword id="58302" type="General" weightage="20" keywordseo="sunflower-oil" source="Orion">sunflower oil</keyword>s, chances of shipment of refined soya and sunflower <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">oil</keyword> may not be commercially viable but have some temporary sentiment impact on market," Mehta said in a statement. Currently, there are no import of refined soybean and sunflower oils. According to SEA, the delayed onset of monsoon in Kerala by a week led to delay in sowing. "The Met Department has forecast near normal monsoon, however El Nino is not ruled out completely and may spoil the chances of normal monsoon, which may impact kharif crop and domestic availability of vegetable oils in next oil year 2023-24," Mehta added. India relies on imports to fulfill its demand-supply gap in edible oils. It meets nearly 60 per cent of edible oil demand through imports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/sonam-kapoor-plans-to-return-to-bollywood-with-2-yrf-films/articleshow/101014785.cms">Sonam Kapoor plans to return to Bollywood with 2 YRF films</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/automotive-digital-marketplace-truecar-lays-off-24-of-workforce/articleshow/101013596.cms">Automotive digital marketplace TrueCar lays off 24% of workforce</a>

Govt cuts import duty on refined soybean & sunflower oils to 12.5%

<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

From burgers to breakfast cereal, some key ingredients are being hit by food export bans &mdash; industry experts tell us what might be next

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><li>Cargill is the maker of brands like <keyword id="944872" type="General" weightage="20" keywordseo="naturefresh" source="Orion">NatureFresh</keyword>, <keyword id="6358520" type="General" weightage="20" keywordseo="gemini" source="Orion">Gemini</keyword>, <keyword id="175574" type="General" weightage="20" keywordseo="sweekar" source="Orion">Sweekar</keyword> and Leonardo.</li><li>We speak to <keyword id="5222174" type="General" weightage="20" keywordseo="piyush-patnaik" source="Orion">Piyush Patnaik</keyword>, Managing Director, Cargill oil business in India about the pandemic's impact on their business and how they are working towards creating a portfolio of products that caters to the rapidly changing consumer needs.</li></ul>It was in 1987 that US-based Cargill entered India. In the last 34 years, the maker of brands like NatureFresh, Gemini, Sweekar and Leonardo is now further diversifying after listening to its consumers and working on coming up with a range of bakery products. There has also been a visible move towards healthier offerings. Even before the pandemic hit us, Cargill had started its journey of healthifying its products, which has worked in its favor in the last 1.5 years. In a recent chat with Piyush Patnaik, Managing Director, Cargill oil business in India, we tried to understand how things have been for the brand since the pandemic and the lockdown, what their outlook is for the upcoming festive season and how they are working on bringing in the next phase of growth in India. Excerpts: Q) The last 18 months have been difficult for businesses the world over. What kind of an impact did the pandemic and the ensuing lockdown have on your business? There are three parts to our business, one goes into households through traditional channels. We also have a large presence in food services, essentially for out-of-home consumption. And the third part of our business is supplying to our large B2B players. The last 18 months have been tough. However, it was a mixed bag for the overall business. For the consumer retail business, it was a tailwind but for the food service business, it was a clear and massive headwind. For the B2B segment, it was a mixed bag. The challenge was more on the operations side. However, due to the kind of portfolio we have, there was still consumption and we had less reasons to complain about than a lot of other players in the segment. Q) What do you think are a few factors that helped you sail through, relatively unscathed? As a company, we are very resilient. Our risk management processes, that have been built over 150 years, are a part of our core strength. During those difficult times, our supply chain never got disrupted. Secondly, we have clear market leadership in certain markets and it was easier to get back on track there. That helped the overall business. Thirdly, we took a few steps from our team’s side that really helped. For example, we were all operating in difficult environments, through a certain set of policies, we tried to facilitate movement of our people, additional safety measures for our teams and that helped us get back to the market faster than many of our competitors and we could get into deeper markets sooner. So it was a combination of our structural risk management practices built over years, our strong financial strength and the fact that we didn't have any break in our supply chain during this tough period. Q) What sort of a growth trajectory were you on before the pandemic hit? Are you back to pre-pandemic numbers? No, we are still not back to pre-Covid numbers but we are on a positive trajectory. We were in the typical FMCG growth bracket before Covid, and there has been a slowdown. We expect growth to kick in as we get into the festive season. Q) So you expect a good festive season this year? We definitely expect good demand in the festive season this year. We can already see green shoots of that in some markets. Also, the trade is very clearly positioning itself for higher throughput over the next four to six weeks. Q) The pandemic led to very rapid changes in consumer behavior. How did that reflect on your offerings? Did you come up with new products to cater to this changing consumer behavior? We were very lucky on that front. Over the last few years, there has been a massive conversion from loose, unpackaged products to packaged products across all categories and edible oil was ahead of the curve. Other than that, there has been a clear demand for healthier everyday food products. Covid amplified both trends across the staples category. Just around the time Covid hit, we had launched a few products like Gemini Rice Brand Oil and NatureFresh Acti Heart, which were healthier offerings. Both these products benefited from the trends. The fact that our <keyword id="12272720" type="General" weightage="20" keywordseo="naturefresh-atta" source="Orion">NatureFresh Atta</keyword> is positioned around high fiber again got traction. Since we have been talking about the importance of health in everyday life for Gemini, NatureFresh and <keyword id="12272721" type="General" weightage="20" keywordseo="leonardo-brands" source="Orion">Leonardo brands</keyword>, we could clearly see traction. Another change we witnessed was that indulgence moved home. We saw a lot of nice consumer interactions and uptake increase for heritage brands like <keyword id="6358640" type="General" weightage="20" keywordseo="rath" source="Orion">Rath</keyword> and <keyword id="1481404" type="General" weightage="20" keywordseo="sunflower-vanaspati" source="Orion">Sunflower Vanaspati</keyword>, products that are traditionally used either during festivals or for out-of-home consumption, for making sweets and Indian delicacies. And the fact that the government is slowly moving towards create awareness around trans fat reduction is also helping. We’re seeing a newfound attraction towards traditional fats which has been really helpful in the last 18 months. Q) Has this movement towards packaged products been faster in smaller cities? A lot of growth in the area is being driven by smaller cities. We are seeing faster conversion in Tier III and IV cities. Q) You have had a bakery ingredients business for a while now. Since the lockdown encouraged people to turn bakers at home, did you see any increase in demand? Our bakery goods were designed for large bakery goods customers like biscuit players. It used to be more B2B but over the last five years, we have built a nice business around NatureFresh professional portfolio of bakery ingredients which plays into the street corner artisan bakers. Today, we reach about 5,500 bakers daily. Since a lot of these shops stopped operating in the last 18-24 months, people wanted to have fresh freshly baked products at home. We had a product called <keyword id="10285577" type="General" weightage="20" keywordseo="naturefresh-professional-lite" source="Orion">NatureFresh Professional Lite</keyword>, a multi-purpose specialized pack for making cookies and cakes. We put it on e-commerce and saw a lot of traction. Wizened by that experience, we are now creating a larger basket of portfolio for the homemaker segment. The segment is witnessing phenomenal growth but it is still a very small percentage of our overall business. However, it seems like the growth is here to stay. Q) Usually a crisis leads to a cut in marketing and advertising budgets. How was it for Cargill? We are a bit of an outlier there. We have significantly expanded our communication projects, we are not looking at reduction, rather we are looking at increasing our investments, both across the Gemini and NatureFresh portfolio. As brands that are a part of people’s everyday lives, this is the time for increased conversations. We are doing multi-pronged conversations. Of course electronic media continues to stay the most relevant for larger reach, but we're amplifying it both through Digital and now through Print too. Q) How are you expanding your reach and going deeper into the country? We are expanding in two ways. We have expanded our manufacturing capacity significantly over the last 18-24 months And even during this period, we have expanded into many new towns within the geographies we operate in. Of course, we will keep expanding our product portfolio too.

Here’s how Cargill is listening to its consumers and coming up with products to best cater to evolving consumer needs

<ul class="summary-list"><li><keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>'s finance minister has called for an immediate full <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> embargo against <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>.</li><li>Serhiy Marchenko told <a href="https://www.bbc.co.uk/news/business-61354879">the BBC</a> it would make it harder for Russia to finance its military needs.</li></ul>Ukraine's finance minister is calling for a full and immediate energy embargo to make it harder for Russia to finance its military needs. Serhiy Marchenko <a href="https://www.bbc.co.uk/programmes/m00179h8">spoke to BBC News</a> about the embargo on Saturday.President Joe Biden <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/08/fact-sheet-united-states-bans-imports-of-russian-oil-liquefied-natural-gas-and-coal/">announced in early March</a> that the US would ban Russian energy imports. Meanwhile, the EU has proposed a ban on <a href="https://markets.businessinsider.com/news/commodities/eu-russian-oil-ban-crude-refined-ukraine-sanctions-economy-putin-2022-5">Russian oil imports</a>, including cutting out crude within six months, as part of the sweeping sanctions taken to put pressure on the Kremlin over the war in Ukraine. Russia has halted its <a href="https://www.businessinsider.com/russia-halts-natural-gas-supplies-to-poland-bulgaria-2022-4?utm_medium=ingest&amp;utm_source=markets&amp;r=US&amp;IR=T">gas supplies to Poland and Bulgaria</a>, which was dubbed "an instrument of blackmail," by the European Commission's chief. Marchenko said in the interview: "Huge oil and gas prices help Russia to receive additional amounts to make their budget run with a surplus. In comparison, we are running [the country] with a very huge deficit in our budget.""I believe that a full embargo can make Russia suffer more than it is right now," he added. The US imports about 3% of Russian oil, while the EU imports about 40% – a third of the bloc's supplies. On Wednesday, EU's President <keyword id="13267148" type="UNKNOWN" weightage="60" keywordseo="ursula-von-der-leyen" source="Orion">Ursula von der Leyen</keyword> <a href="https://ec.europa.eu/commission/presscorner/detail/en/speech_22_2785">admitted it was</a> "not easy to establish unity" among the 27 members but added that she was "confident" that an <keyword id="13805177" type="UNKNOWN" weightage="60" keywordseo="oil-embargo" source="Orion">oil embargo</keyword> could be agreed. Von der Leyen said: "Let us be clear: it will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it. We now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined."Marchenko told BBC <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">News</keyword> that the war meant his country was collecting less in taxes "because more than 20% of our businesses are fully closed. It means that we can't manage to fulfill our necessary duty as a government without international support, or without just printing money."Russia has taken control of most of Ukraine's port cities and without the country's harbors available, the country cannot rely on its exports – Ukraine, before the war, was one of the world's top producers of crops like sunflower, corn, and wheat. Marchenko added that the principal issue for the country now is "how to unblock the seaports of Ukraine."

Ukraine minister calls for immediate Russian energy embargo to make it harder for Putin to fund his military

<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

<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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<ul class="summary-list"><li><keyword id="11955096" type="UNKNOWN" weightage="60" keywordseo="indonesia" source="Orion">Indonesia</keyword> accounts for half of the world's supply of <keyword id="12653021" type="UNKNOWN" weightage="60" keywordseo="palm-oil" source="Orion">palm oil</keyword>, the world's most widely used vegetable oil.</li><li>A domestic shortage of <keyword id="11900969" type="UNKNOWN" weightage="60" keywordseo="cooking-oil" source="Orion">cooking oil</keyword> has prompted Indonesia to put a blanket ban on palm-oil product exports.</li></ul>Indonesia, the world's largest edible oils exporter, said a domestic shortage of cooking oil has prompted it to impose a blanket ban on the export of palm oil starting today.Indonesia accounts for about half of the world's supply of palm oil, the world's most widely used vegetable oil. It's used for cooking and for the production of thousands of consumer products, including biscuits, detergents, and lipsticks.Retail prices of cooking oil have soared in Indonesia as palm-oil producers boosted exports on the back of rising global vegetable oil prices, according to <a href="https://www.channelnewsasia.com/asia/indonesia-palm-oil-export-ban-refined-crude-airlangga-hartarto-jokowi-2651316">Channel NewsAsia.</a> This in turn caused a supply crunch at home."As the world's largest producer of palm oil, it is ironic that we actually have difficulty getting cooking oil," said <a href="https://setkab.go.id/keterangan-pers-presiden-ri-mengenai-larangan-ekspor-minyak-goreng-di-istana-merdeka-provinsi-dki-jakarta-27-april-2022/">Indonesian President Joko Widodo</a>, according to an official transcript. "As president, I cannot allow that to happen," he added.Retail prices of cooking oil in Indonesia have gained over 40% so far this year, <a href="https://www.reuters.com/article/indonesia-palmoil-president-idAFL2N2WK0MX">Reuters</a> reported. The price spike has prompted protests and sent Widodo's approval rate down 12% from February to April, according to the <a href="https://www.reuters.com/world/asia-pacific/indonesia-presidents-rating-slumps-amid-soaring-cooking-oil-prices-2022-04-26/">news agency.</a>The Southeast Asian country surprised <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> when it first announced the <a href="https://markets.businessinsider.com/news/commodities/top-palm-oil-exporter-indonesia-to-ban-exports-starting-thursday-2022-4">ban on palm-oil exports</a> on Friday. The announcement sent benchmark Malaysian palm-oil futures soaring 7% on Monday before ending the day 2% lower as the country said the ban would exclude some palm-oil products. On Wednesday, prices soared 10% to hit the upper price limit head of the impending ban — but that was before Indonesia said later in the day that it would be imposing a blanket ban. Malaysian palm-oil futures were over 1% lower at midday on Thursday and up about 50% year-to-date.Indonesia's palm-oil ban will be in place until the bulk of cooking oil in Indonesia falls to 14,000 rupiah ($0.97) per liter, <a href="https://www.reuters.com/world/asia-pacific/indonesias-palm-oil-industry-braces-upcoming-export-ban-2022-04-27/">Reuters</a> reported, citing the country's chief economic minister, Airlangga Hartarto. Bulk cooking oil in Indonesia was offered in the range of 19,000 to 20,000 rupiah ($1.31 to $1.38) on Wednesday, the <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> outlet reported, citing a senior trade association official."Once the local need is fulfilled, surely I will revoke this export ban because I understand how the government needs taxes, needs overseas earnings, and needs a trade surplus," said Widodo, per <a href="https://www.bloomberg.com/news/articles/2022-04-27/indonesia-to-halt-crude-palm-oil-exports-in-expanded-ban">Bloomberg.</a> But "the people's need is a more important priority," he added.Palm oil has been linked to the widespread destruction of rainforests and adverse impact on local communities, but it is also an efficient crop that has improved rural development in many regions, according to the <a href="https://wwf.panda.org/discover/our_focus/food_practice/sustainable_production/palm_oil/">World Wide Fund for Nature.</a> It's an important cash crop for Indonesia with exports 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.Global vegetable oil prices were already rising due to the war in Ukraine, as the country is a major sunflower oil producer. Now, Indonesia's palm-oil export ban is expected to worsen global <keyword id="12408284" type="UNKNOWN" weightage="60" keywordseo="food-inflation" source="Orion">food inflation</keyword> as prices of competing edible oils surge in response. Prices of benchmark Chicago soybean oil futures hit an all-time high after Indonesia's Wednesday announcement of its blanket ban, according to <a href="https://www.bloomberg.com/news/articles/2022-04-27/wheat-pares-gains-with-concern-over-weakening-u-s-crop-outlook">Bloomberg.</a>"Given that half of all packaged products Americans consume contain palm-oil, we're likely to see impacts to food products such as margarine, confections, cooking oil, and dairy products like sour cream, cheese, cream cheese spread, and condensed milk," said Julie Gerdeman, CEO of Everstream, a supply chain risk analytics company."Should the export ban remain, we can also expect to see production decreases and consumer price increases to popular household products offered by major food manufacturers (think chocolate and candy bars), all of which depend on sourcing palm-oil from Indonesia," Gerdeman told Insider.

Indonesia, the world's biggest palm-oil exporter, is facing a shortage of cooking oil &mdash; and it's going to affect the price of everything from cheese to candy bars

The Centre should create a buffer stock of mustard seeds of at least 2.5 million tonnes, like pulses, to enhance domestic production and reduce imports of cooking oils, the <keyword id="1086632" type="General" weightage="20" keywordseo="central-organization-for-oil-industry-and-trade" source="Orion">Central Organization for Oil Industry and Trade</keyword> (<keyword id="1598377" type="General" weightage="20" keywordseo="cooit" source="Orion">COOIT</keyword>) said on Tuesday as part of its wish list ahead of the budget. "The procurement for the proposed creation of buffer stock should be made at market price at the very beginning of crop season, which will ensure oil processing units would operate throughout the year," the COOIT, an apex body for the vegetable oils sector, said in a statement. It also wants the government to widen the gap between import duties of crude edible oils and refined edible oils. India imported edible oils worth Rs 1.17 lakh crore, an all-time high, in the 2020-21 oil marketing year ended October, mainly due to a sharp rise in global prices. COOIT feels that its high time the central and state governments focus on increasing domestic production of oilseeds. "We urge the government to launch a dedicated scheme in the upcoming budget with a significant allocation to encourage farmers for cultivation of various oilseeds crops like mustard, soyabean and sunflower," COOIT chairperson Suresh Nagpal said. The government had in August 2021 launched the National Mission on Edible Oils - Oil Palm (NMEO-OP) with a financial outlay of Rs 11,040 crore to boost domestic production of palm oil. "A similar initiative should be undertaken to increase the cultivation of mustard," he said. "Like wheat and rice, a small quantity of <keyword id="589337" type="General" weightage="20" keywordseo="mustard-oil" source="Orion">mustard oil</keyword> can be supplied every month to over 80 crore beneficiaries covered under the National Food Security Act at a subsidised rate. This will prompt farmers to cultivate mustard," the COOIT chairperson said. The government has offered an increased MSP for mustard this year and the results have started showing with the area under mustard cultivation likely to increase by 25 per cent and mustard production estimated to be at 110 lakh tonnes. "If the government creates a buffer stock of 25 lakh tones of mustard, it will further encourage mustard cultivation and also act as a price stabilization mechanism in case of sharp fluctuations in mustard prices as it was witnessed during 2021," Nagpal said. The association also strongly said that the difference between import duty on crude edible oils and refined edible oils should be larger to protect the interest of domestic processors. Earlier the difference was 11 per cent, which is now at 5.5 per cent. "This is adversely impacting crude palm oil (CPO) refining industry in India and hence, duty differential needs to be increased,a the statement said. Established in 1952, COOIT is the national apex body representing the interests of the entire vegetable oil sector in the country and its members include state-level associations, prominent manufacturing/business, trade, and export house. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/decline-in-car-bike-and-scooter-sales-is-now-hurting-hdfc-bank/articleshow/88960539.cms" style="">Shrinking car and two-wheeler sales is now hurting India’s biggest private bank</a>\ <a href="https://www.businessinsider.in/careers/news/8-in-10-people-are-looking-to-switch-jobs-in-2022-linkedin-says/slidelist/88966651.cms">8 in 10 Indians are looking to switch jobs in 2022</a>

Centre should create buffer stock of mustard: Oil industry association

<ul class="summary-list"><li>Canola and vegetable oil can be used interchangeably in recipes with no noticeable difference.</li><li>Both oils have a medium-high smoke point and neutral taste.</li><li>Canola oil is slightly <a href="https://www.insider.com/healthiest-cooking-oil" target="_blank" rel="noopener">lower in saturated fat</a> than vegetable oil.</li></ul>Many recipes call for canola oil and vegetable oil interchangeably, from deep-frying to stir-frying to cakes. "Typically, both canola oil and vegetable oil have a mild, neutral, and light taste," says Meghan Merideth Trebotich, RDN, LDN, co-founder of <a href="http://www.foodforadventures.com/" target="_blank" rel="noopener">Food for Adventures</a>. The two oils are incredibly similar, but there are some slight differences. "While they can be interchangeable in recipes, canola oil does have additional health benefits," says Angela Pateman, marketing lead for <a href="http://wessonoil.com/" target="_blank" rel="noopener">Wesson Oil</a>.<h2>What is vegetable oil? </h2><div type="image" title="soybean oil with soybeans on a wooden table" height="1414" width="1885" msid="88906561" hostid="261"></div>"Vegetable oil is really a catch-all term for any plant-based oil. Vegetable oils can be just one plant-based oil or it can be a blend of several different plant-based oils which may include soybean, sunflower, canola, corn, cottonseed, and safflower," says Trebotich. However, most commercial vegetable oil is soybean oil.Soybean oil is produced by cracking soybeans, heating them up, pressing them, and extracting and refining the oil. The resulting oil is "light and neutral, which focuses the taste on the <keyword id="11894142" type="UNKNOWN" weightage="100" keywordseo="food" source="Orion">food</keyword> rather than the oil," says Pateman. Vegetable oil has a medium-high smoke point and can be used for baking, deep-frying, grilling, roasting, searing, and can also be used in salad dressings, sauces, or marinades.<h2>What is canola oil? </h2><div type="image" title="bottle of canola oil next to rapeseed (canola) plant flowers" height="1414" width="1885" msid="88906562" hostid="261"></div>Canola oil is made by pressing the seeds of the canola plant, a type of rapeseed and a member of the mustard family. The rapeseed plant can be used to make rapeseed oil, but the oil is high in erucic acid (believed to have adverse health effects) and has a bitter taste. "After years and years of crossbreeding different rapeseed plants, they were able to create plants that were much much lower in these compounds," says Trebotich. This new form of rapeseed was named the canola plant and is what is used to make canola oil."The neutral taste and high smoke point make canola the oil of choice for chefs worldwide," says Pateman. Use it the same way you would vegetable oil, from baking to frying to grilling.<h2>Can they be used interchangeably?</h2>Trebotich and Pateman agree that canola and vegetable oil can be used interchangeably thanks to their mild flavor, light color, and similar smoke point. You won't notice a difference between the two in the finished dish.<table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 33.333333333333336%;"> </td><td style="width: 33.333333333333336%;">Canola oil</td><td style="width: 33.333333333333336%;">Vegetable oil </td></tr><tr><td style="width: 33.333333333333336%;">Smoke point</td><td style="width: 33.333333333333336%;">400 degrees F to 450 degrees F</td><td style="width: 33.333333333333336%;">425 degrees F to 460 degrees F</td></tr><tr><td style="width: 33.333333333333336%;">Flavor </td><td style="width: 33.333333333333336%;">Neutral </td><td style="width: 33.333333333333336%;">Typically neutral </td></tr><tr><td style="width: 33.333333333333336%;">Color </td><td style="width: 33.333333333333336%;">Light </td><td style="width: 33.333333333333336%;">Light </td></tr><tr><td style="width: 33.333333333333336%;">Nutrition (per tablespoon)</td><td style="width: 33.333333333333336%;">120 calories1g saturated fat0g trans fat4g polyunsaturated fat9g monounsaturated fat</td><td style="width: 33.333333333333336%;">120 calories2g saturated fat0g trans fat8g polyunsaturated fat3g monounsaturated fat</td></tr></tbody></table><h2>Smoke point </h2>The smoke point is the temperature at which an oil will begin to produce visible smoke. Oils with high smoke points can be used for high-heat <keyword id="11910989" type="UNKNOWN" weightage="60" keywordseo="cooking" source="Orion">cooking</keyword> like frying and stir-frying without filling your kitchen with smoke.Depending on exactly how it is processed, canola oil has a smoke point of 400 degrees Fahrenheit to 450 degrees Fahrenheit. Depending on the exact type or blend of oil, vegetable oil has a smoke point of 425 degrees Fahrenheit to 460 degrees Fahrenheit. Their smoke points are above most home cooking temperatures—for example, most deep-frying is done at around 350 degrees Fahrenheit. This makes both oils good candidates for a wide variety of cooking methods.Quick tip: "It is worth noting that the smoke point may differ by 50 degrees or so depending on the vegetable oil blend," says Trebotich. Soybean oil, the most common oil used for vegetable oil, has a smoke point of about 450 degrees Fahrenheit. <h2>Flavor</h2>Canola oil and vegetable oil both have a neutral, smooth flavor. The only differing factor can come from the vegetable oil blend, which can change the flavor slightly. "For instance, if the vegetable oil is blended with corn oil it may have a darker color and richer flavor." Soybean oil, the most common vegetable oil, is mild and light in color, just like canola oil.Use canola or vegetable oil when you don't want to taste the oil. Their neutral flavor will allow the other ingredients to shine.<h2>Nutrition </h2>"Nutritionally, canola oil and vegetable oil are very similar," says Trebotich. They both provide 120 calories per one tablespoon, and they are both low in trans fat. While both oils are relatively low in saturated fat, canola oil is slightly lower, with just one gram per tablespoon. "You want to choose oils that are lower in saturated and trans fats and higher in unsaturated fats, since unsaturated fats have been proven to have a much more positive impact on your health including improvements in cell function and overall heart health," says Trebotich. That's why you'll frequently see "heart-healthy" stamped on the front of canola oil bottles. "Canola oil has the lowest saturated fat and high monounsaturated and polyunsaturated fat (good fats) compared to other vegetable oils and is incredibly versatile in the kitchen," says Pateman.Quick tip: While many oil labels claim that their product contains zero trans fats, this can be misleading. The FDA allows any product that contains under 0.5 grams of trans fat per serving to be labeled as zero grams. However, most oils contain at least some trans fat. <h2>Insider's takeaway </h2>Canola oil and vegetable oil are very similar. Both oils are neutral in flavor and have a medium-high smoke point, making them suitable for a wide range of cooking methods. Canola oil is slightly lower in saturated fat than vegetable oil. You can easily swap one for the other in recipes with no noticeable difference.

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