Big respite for Indian consumers as edible oil price eases: Here’s list of things that could get affordable
With Indonesia finally restarting the palm oil exports, the prices of edible oils and other daily life products could go dow.
New Delhi: Indonesia has lifted the ban on the exports of palm oil from Monday (May 23, 2022) -- a move that will tremendously benefit consumers in India and other importing nations in ways more than one. The three-week-old export ban has led to a sharp increase in the prices of domestic cooking oil amid rising inflation in the backdrop of Russia’s intervention in Ukraine. The world’s largest palm oil exporter, Indonesia, had halted the exports of palm oil to make sure that the country meets its domestic demands first without any hiccups.
However, with the supply of bulk cooking oil reaching greater than required levels, the country is all geared up to restart its exports, Indonesian President Joko Widodo pointed out on Thursday. Edible oil prices have finally started to ease down. According to media reports, retail oil prices have dropped by Rs 2 per kg in India after Thursday’s announcement.
What is Palm Oil?
Why is Palm Oil Crucial?
Will Palm Oil Get Cheaper?
Indonesia restarting the exports of palm oil could ease the prices of palm oil in the coming days, as the global demand goes down a bit. As of now, the price of the bulk cooking oil hasn’t yet receded to the targeted 14,000 rupiahs per litre price.
“In several regions, prices of cooking oil were still relatively high, but I believe in coming weeks they will be more affordable,” Indonesian President Widodo had said in a video statement.
India’s Dependency On Palm Oil Imports
List of Things That Could Get Cheaper
The latest move by the Indonesian government will bring cheer to the common man reeling under the ever-increasing inflation. According to media reports, palm oil is used in 50% of the things used by an average urban Indian.
Here’s the list of items that could get cheaper with dropping palm oil prices:
1. Cooking Oils
2. Soaps, shampoos
3. Processed foods such as noodles, chips
4. Cosmetic items
5. Personal care products