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.

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Agencies
March 6,2020

Mumbai, Mar 6; The Indian equity indices slumped on Friday morning, with the BSE Sensex falling over 1,450 points

The slump across the sectoral indices was led by the finance and banking stocks as the Reserve Bank of India on Thursday superseded the board of directors of Yes Bank and placed it under moratorium.

Persistent fears of the coronavirus outbreak severely impacting global economy also weighed on the investor sentiments, analysts said.

At 9.36 a.m., the BSE Sensex trimmed some losses and was trading at 37,376.66, lower by 1,093.95 points or 2.84 per cent from the previous close of 38,470.61

So far, the index has touched an intra-day low of 37,011.09, falling by 1,459.52 points.

It had opened at the intra-day high of 37,613.96.

The Nifty50 on the National Stock Exchange was trading at 10,938.75, lower by 330.25 or 2.93 per cent from its previous close.

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News Network
April 28,2020

Kozhikode, Apr 28: The remains of seven people who died in the Gulf countries were airlifted from Dubai by a cargo flight which arrived here Tuesday, ending the uncertainty over bringing back the bodies of those who died following non-Covid-19 reasons.

Airport sources said the flight reached the airport by around noon.

The bodies include natives of Kerala, one each of people from Goa and Sivaganga in Tamil Nadu.

"Karipur in among the few airports where cargo flights are operating in South India.

This is the reason why the bodies of those belonging to Goa and Sivaganga and other parts of Kerala have all been brought here for onward transport to respective destinations by road," an airport official said.

"As per information received from the airport, the bodies are of John Johannan of Kollam, David Shamy of Punnakkal, Kannur, Sathyan of Cheranelloor, Thrissur, O C Mathai and Sijo Joy, both of Pathanamthitta, Sreenivasan of Sivaganga and Henrick D Soza of South Goa," said Thomas, Assistant Sub Inspector, Special Branch CID, Malappuram.

Special passes have been issued to ambulances to transport the bodies to their destinations after the formalities at the airport are over, a senior police officer said.

There had been some confusion on bringing back the bodies from the Gulf region for about a week for want of clearance from the embassy authorities.

Chief Minister Pinarayi Vijayan had written to Prime Minister Narendra Modi last week seeking his intervention in ensuring that bodies of Keralites, who die in Gulf countries due to no non COVID-19 reasons, should be broughtto the state without any delay forenabling family members to perform their last rites.

Vijayan also wanted Modi to direct Indian Embassies to issue necessary clearances without seeking individual approvals from the Ministry of Home Affairs and avoid any delay.

The mortal remains are now being broughtin cargo planes as passenger flights are not being operated due to the COVID-19 lockdown.

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News Network
June 26,2020

New Delhi, Jun 26: "Iam Indira Gandhi's granddaughter, not an undeclared BJP spokesperson like some of the opposition leaders," Congress general secretary Priyanka Gandhi Vadra on Friday said, as she alleged that the Uttar Pradesh government is threatening her through various departments for speaking the truth. Priyanka Gandhi's dare to the Uttar Pradesh government came days after the Agra administration asked her to withdraw within 24 hours the claim of high coronavirus deaths in the district.

The Congress general secretary in-charge UP East has accused the Yogi Adityanath government of indulging in propaganda instead of dealing with the pandemic. "As a public servant, my duty is towards the people of Uttar Pradesh. And this duty is to put out the truth before them and not to put forth government propaganda. The UP government is wasting its time by threatening me through its various departments," Priyanka Gandhi said in a tweet in Hindi.

"They can take whatever action they want, I will keep putting forth the truth. I am Indira Gandhi's granddaughter not an undeclared BJP spokesperson like some of the opposition leaders," she said. This week, Priyanka Gandhi repeatedly attacked the Uttar Pradesh government over the "high" COVID-19 mortality rate in Agra and on other issues related to the state government's handling of the pandemic.

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