After onions and milk, now cooking oil to get costlier

Agencies
December 21, 2019

New Delhi, Dec 21: After onion and garlic and milk, prices of edible oil have registered a sharp rise due to costlier imports.

Consumers will have to dig deeper into their pockets as the cooking oil prices may rise further, say oil industry experts.

Palm oil prices have shot up by ₹20 a litre (more than 35 per cent) in the last two months. Palm oil's meteoric rally has led to a sharp rise in the prices of other edible oils.

"The prices of all edible oils have increased following the rise in palm oil over the last two months. Due to costlier imports from Malaysia and Indonesia, edible oil prices are likely to see a further increase," Oil-oilseed market expert Salil Jain told IANS.

Another oil industry expert suggested that farmers should be provided better prices for their crops if the country wants to become self-sufficient in edible oils.

"The prices of edible oils are increasing in India due to expensive imports from the international market. However, farmers are now getting a higher price of oilseeds, which will encourage them to cultivate oilseeds," said B.V. Mehta, Executive Director of Solvent Extractors Association of India.

India is the world's largest edible oil importer, meeting most of its edible oil needs through imports.

It is expected that the country's dependence on edible oil imports will increase further as heavy rains damaged soybean crops and a lower than expected Rabi oilseed cultivation this year.

Moreover, an increase in export duty on soy oil from Argentina will increase the cost of soy oil imports in India, which may lead to a further rise in prices of cooking oil.

Argentina has increased the export duty on soy oil from 25 per cent to 30 per cent. On the other hand, domestic consumption of palm oil will increase in both countries after the introduction of B-20 bio-diesel programme in Malaysia next year and B-30 bio-diesel programme in Indonesia.

CPO's December contract on Multi Commodity Exchange (MCX) fell by ₹543.2 per 10 kg on September 24, while on Friday the CPO price jumped by ₹744 per 10 grams. The CPO price rose by 37 per cent in about two months.

According to Solvent Extractors data, the import of vegetable oil (edible and non-edible) oils into the country was 11,27,220 tonne in November this year as compared to 11,33,893 tonne in the same month a year ago.

The CPO (crude palm oil) price at Kandla Port was $757 per tonne (CIF) on Friday, while RBD Palmolein imported from Malaysia was priced at $782 per tonne, soy price at $878 per tonne and sunflower crude at $847 per tonne.

According to the sowing data released by the Union Ministry of Agriculture and Farmers Welfare last week, the area under oilseeds crops has been 68.24 lakh hectares this year, which is 2.47 lakh hectares less than last year.

The production of soybean, the major oilseed crop in the last Kharif season, is estimated to be down by about 18 per cent in the country as compared to last year.

According to the Soybean Processors Association of India (SOPA) estimates, soybean production in the country this year is 89.94 lakh tonnes, which is 71.73 per cent less than the previous year's production of 109.33 lakh tonnes.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 1,2020

Thiruvananthapuram, Apr 1: A day after the Kerala Government issued orders to provide special alcohol passes on doctor's prescription to tipplers, who exhibit withdrawal symptoms, the Excise Department received 40 applications from across the state.

Speaking to ANI, a Senior Excise Official said, "Around 40 people approached us with doctor's prescriptions to get liquor passes across the State. We will forward it to Beverages Corporation and they will conduct home delivery of liquor."

Ernakulam topped the list with eight applications, while Kottayam Excise Office received four and Thiruvananthapuram office received three applications.

"As per the notification we received, a maximum of three litre of alcohol can be provided in a week for a person. For availing liquor again they will have to submit fresh application for the liquor pass," the official added.

An order in this regard was issued by the government on Monday night which outlines the necessary steps to be taken by a person with withdrawal symptoms to purchase alcohol.

As per the order, any individual with a prescription from a government doctor or a doctor from a Taluk hospital or government hospital, where the doctor mentions the patient's "Alcohol Withdrawal Symptoms" can submit the prescription for alcohol to the nearest Excise Range office.

A form also has been provided which should be duly filled to get the liquor pass. The Excise Department after the scrutiny may allow the person to buy Indian Made Foreign Liquor (IMFL) from the beverages corporation.

However, the Kerala Government Medical Officers Association (KGMOA) came out against the order, saying that doctors affiliated with the organisation will not give a prescription for liquor. Further, in a statement issued they said they are observing a 'black day' on Wednesday in protest against the government move.

The Indian Medical Association (IMA) also had termed the direction by the Kerala government 'unscientific' and said doctors had no legal obligation to prescribe alcohol.

After the liquor ban was enforced in view of the lockdown, Kerala has witnessed a number of suicide cases allegedly connected with withdrawal symptoms.

Announcing the decision Kerala Chief Minister Pinarayi Vijayan had also mentioned that the government was issuing such a direction following reports of people developing suicidal tendencies due to the unavailability of alcohol.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
January 16,2020

New Delhi, Jan 16: United Forum of Bank Unions has decided to observe a two-day strike on January 31 and February 1, demanding early wage revision settlement which has been due since November 1, 2017, said the All India Bank Employees Association.

Union Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1.

Banks will also hold a strike on March 11, 12 and 13. Also, an indefinite strike will be held from April 1.

General Secretary, All India Bank Officers' Confederation West Bengal Sanjay Das has stated that the nationwide strike has been called over several demands.

"The demands include--wage revision settlement at 20 per cent hike on payslip components with adequate loading thereof and scrapping off New Pension Scheme (NPS)," said Das.

There are several demands to hold the strike including the merger of special allowance with basic pay, updation of pension, improvement in the family pension system, five-day banking, allocation of staff welfare fund based on operating profits and exemption from income tax on retiral benefits without a ceiling.

"Other demands include-- a uniform definition of business hours, lunch hour etc in the branches, introduction of leave bank, defined working hours for the officers and equal wage for equal work for the contract employee," said Das.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 19,2020

Ahmedabad, Nay 19: Over 2,200 Indian nationals stranded in the UK due to the coronavirus related international travel restrictions have been flown back home during the first phase of India's biggest ever repatriation exercise, according to official figures.

Since the first special Air India flight took off from London’s Heathrow Airport for Mumbai on May 8, there have been eight routes to different Indian cities from the UK for Indian students and tourists.

Indian nationals were flown home to the cities of Mumbai, New Delhi, Bengaluru, Chennai and Ahmedabad.

“We have facilitated repatriation of 2,288 Indians stranded in the UK through eight Air India flights till 17 May. Vande Bharat Mission continues to get Indians home,” said the Indian High Commission in London.

The Vande Bharat Mission is India’s biggest ever repatriation exercise to bring back Indians from abroad who are unable to travel home due to COVID-19 related international travel restrictions.

As the second phase of the repatriation process gets underway, retired Indian High Commissioner to the UK Ruchi Ghanashyam will be among the Indians flying back to New Delhi on Thursday.

“It has been such a hectic period, but I hope to return to the UK to say goodbyes in person sometime in the future,” Ghanashyam said during a virtual farewell organised by the Indian Journalists’ Association (IJA UK) on Monday.

As the packed flights take off daily, there are some still desperately waiting their turn, including those wanting to fly to some cities that are yet to be scheduled, including Kolkata.

“I have two young daughters, elderly parents, and a wife back at home. There is no way to return to Kolkata. I am worried for my parents,” says Suvendu, who came to the UK for work but recently lost his job.

“I am really surprised there are no Kolkata flights yet, but I am hoping they will be announced in the future,” adds Dr Arpita Ray, whose father needs to fly back home.

Another group waiting their turn to return home to their families in India includes students in the Overseas Citizen of India (OCI) category, which remains suspended in India’s extended COVID-19 lockdown.

According to the regulations issued by the Indian government last month and updated last week, visas of foreign nationals and OCI cards, that provide visa-free travel privileges to the people of Indian-origin, have been suspended as part of the new international travel restrictions following the COVID-19 pandemic.

“Our plight is no different from the struggles being faced by Indian students who hold Indian passports – India is home for all us,” says Tridip, an undergraduate at SOAS University of London.

“Yes, air travel at this point of time may be a risk but we are of course ready to take all precautionary measures and undergo the mandatory quarantine period upon arrival in India," adds the 18-year-old.

“Having lived in India for the greater part of my life, India is home to me as much as it is to an Indian citizen, and just as any Indian citizen wishes for the comfort of home and family, so do I. I can only hope that the government reviews its policy on OCI holders and appeal to them to include us in their repatriation plans," says Atulit, an under-graduate student at Imperial College London.

Bianta, a student at Bangor University in Wales, adds: “Along with all of the mental stress, financially the UK is too expensive. In the coming weeks my rental agreement will expire, after which I will have nowhere to go.

“I cannot continue funding myself here in the UK as I only planned to be here till May marking the end of my course. Please help us get home. The colour of my passport does not define where my home is."

As all commercial international flights continue to be grounded, the second phase of the Vande Bharat Mission with a total of 149 flights is aimed at bringing back Indians from 40 countries. On landing in India, these travellers have a 14-day quarantine requirement at venues organised by the respective state governments. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.