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Indonesia Oil Crisis: How It Will Affect India?

Pooja YadavApril 11, 20220

Indonesia, the biggest producer, and exporter of oil are experiencing domestic shortages that the government has been forced to place curbs on shipments and introduce price controls. For the year 2021-22 (October to September), Indonesia’s vegetable oil production has been predicted to be 45.5 million tonnes (mt) consistent with the US Department of Agriculture (USDA). This is around 60% of the world’s total production of vegetable oil. The second-largest producer is Malaysia (18.7 mt). Indonesia is additionally the world’s largest exporter of vegetable oil (29 mt) and Malaysia (16.22 mt) comes in second place. In Indonesia, the costs of domestic branded oil have increased to 22,000 Indonesian rupiahs (IDR) per litre from 14,000 IDR between March 2021 to March On 1st Fe...

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Inflation Amid Russia-Ukraine Tensions Likely To Spoil Kitchen Budget

Aditi priya singhMarch 4, 20220

Amid Russia-Ukraine tensions, not only has crude oil reached a record high, but now edible oil is also taking a toll on the pockets of customers. The inflation may increase further in the coming days. In Delhi, the price of palm oil has increased by Rs 20 to 25 in 15 days. Soya, sunflower and groundnut oil prices have also hiked. The price of mustard oil is already close to Rs 200 per litre. Overall, cooking oil is already expensive due to limited global supply and now the Russia-Ukraine war has added fuel to the fire. 65% of the edible oil consumed in the country has to be imported and about 60% of the imported oil is palm oil. All palm oil is imported from Malaysia and Indonesia and this year there is also a limited supply. The crude palm oil production in Malaysia declined ...