iGrain India - The price of edible oils in India has seen a significant rise due to increased import costs in October 2024. Despite expectations that the Central Government's 20% hike in import duties would lower prices in global markets, the opposite has occurred: the prices of edible oils have surged in exporting countries.
According to data from the Solvent Extractors Association of India (SAI), the average import price of several key edible oils arriving at Indian ports in October 2024 increased notably compared to both September 2024 and October 2023. The key changes are as follows:
- RBD Palmolein: Increased from $1,038 per tonne in September to $1,135 per tonne in October 2024, up from $849 per tonne in October 2023.
- Crude Palm Oil (CPO): Increased from $1,071 per tonne in September to $1,170 per tonne in October 2024, up from $867 per tonne in October 2023.
- Crude Soybean Oil: Increased from $1,045 per tonne in September to $1,154 per tonne in October 2024, up from $986 per tonne in October 2023.
- Crude Sunflower Oil: Increased from $1,070 per tonne in September to $1,168 per tonne in October 2024, up from $920 per tonne in October 2023.
The surge in global prices is largely attributed to significant price increases by exporting countries, which has directly impacted the import cost for India. These higher import prices will likely lead to an increase in domestic edible oil prices, putting additional pressure on consumers.