20 August 1998
EDIBLE oil prices in India have jumped in India because of a shortage of oilseeds. Traders are calling on the government to allow imports.
The price of groundnut oil, the countrys preferred cooking oil, is up nearly 60% to RS 57 a kg since January.
Domestic demand for edible oils is estimated at 8.2m tonnes this year, while the supply will be about 6.5m tonnes.
India imported more than 1m tonnes of oils in the nine months to July 1998, but the import of oilseeds requires government approval. Many officials believe imports would damage the domestic industry.
- India may allow oilseed imports, FWi, 06 August
- Squeeze put on India over edible oils, FWi, 21 April
- India slashes edible oils import duty, FWi, 14 July
- Financial Times 20/08/98 page 26 (News Digest)