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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News Network
August 8,2020

Nagpur, Aug 8: "He was a great son and always the first one to help others in need. He sacrificed his life for the country," said Neela Sathe, the mother of late captain DV Sathe, who was flying the Air India flight that crash-landed at Kozhikode airport on Friday, claiming 18 lives.

Indian Army Retired Colonel Vasant Sathe and his wife Neela lost both their sons in line of duty. The couple is originally from Nagpur, Maharashtra.

Speaking to news agency, Neela broke into tears and said, "He was a great son and always the first one to help others in need. 

His teachers still appreciate him. During the Ahmedabad floods, he saved the children of the soldiers by lifting them in his arms. I wish God would have called us instead of him."

"Both our children sacrificed their lives for the country," she added.

Remembering DV Sathe's childhood, Neela talked about every that moment when he made his parents proud.

Neela told with great pride that Captain DV Sathe had received the Sword of Honor and had also won eight medals in the Air Force.

Neela last talked to DV Sathe over phone call a few days ago during which captain told her mother not to go out of the house amid COVID-19 crisis as if something happens to her, he won't be able to bear that.

Vasant, captain's father retired as a colonel after serving in the Army for 30 years, following the footsteps of their father, both his sons joined too the Army.

Their elder son Vikas, was in the Army, and at the age of 22, he was martyred in an accident in Ferozepur in 1981. Their younger son Deepak (DV Sathe), who served as a pilot in Air India after serving in the Indian Air Force, died in the plane crash on Friday.

An Air India Express plane carrying 190 passengers including 10 infants skidded while landing at Karipur Airport in Kozhikode on Friday evening.

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News Network
May 11,2020

London, May 11: Fugitive diamond merchant Nirav Modi's five-day extradition trial over the nearly USD2 billion Punjab National Bank (PNB) fraud and money laundering case is set to begin in London's Westminster Magistrates' Court today.

The London High Court rejected Nirav Modi's bail plea in Punjab National Bank (PNB) bank fraud case for the fifth time in early March.

Modi, the prime accused in the PNB fraud case, is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the Punjab National Bank (PNB) along with his uncle, Mehul Choksi.

Modi, 48, was arrested in March last year by Scotland Yard in connection with the case.

Modi was remanded in custody till February 27, 2020, after he appeared before a UK court on Thursday via video link from his London prison.

The latest bail hearing followed further assurances by Modi, including an increase in the amount of security he had offered as a guarantee as well as stricter bail conditions.

On his last bail application, Modi offered USD 4 million as a security guarantee in return for bail, an offer that was rejected by judges who ruled that there was a real risk that Modi would flee the UK to a country which has no extradition treaty with India.

At the same hearing, the judge ruled that there was "strong evidence" that Modi had engaged in "witness intimidation" and destroying evidence.

Given the seriousness of such allegations, it was all but certain that the latest bail application would be rejected.

Modi's lawyers had contended that their client was being held in difficult conditions at Wandsworth prison and had also claimed that his mental health was deteriorating as a result of his incarceration.

However, ruling at the High Court today, Justice Ian Dove said there was a "clear need for this application to be refused in the present circumstances."

It comes just days after the second sale of assets belonging to Modi valued at millions of dollars.

The items include a luxury Rolls Royce car, a Patek Philippe watch and a painting by the renowned Indian artist Amrita Sher-Gil valued at USD 2.5 million but expected to fetch considerably more.

Meanwhile, Nirav's brother Neeshal Modi, who is also one of the co-conspirators in the PNB scam, has written to Enforcement Directorate, distancing himself from his brother's actions and said that he had no knowledge of it.

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News Network
July 1,2020

Patna, July 1: A wedding ceremony in rural Patna a fortnight ago where the groom was running high fever, two days before he died and his body cremated without being tested for COVID 19, appears to have set off the biggest infection chain in Bihar so far, health department officials said on Tuesday.

More than 111 people have tested positive in Paliganj sub-division of Patna district, about 55 km from the state capital, in the last few days, out of over 350 who have been tested upon contact tracing, they said. Fifteen of his relatives who attended the wedding tested positive for the contagion and apparently infected others.

The officials, who requested anonymity, said the groom was a software engineer based in Gurugram and had returned home for his marriage in the last week of May. A few days after the ''tilak'' ceremony, he started showing symptoms of the disease.

On June 15, the date of wedding, he was running high fever and wanted the ceremony to be deferred, but relented upon the insistence of family members who made him swallow paracetamol tablets and go through the rituals.
On June 17, his condition deteriorated significantly and family members made a dash to AIIMS, Patna, but he died on the way.

The body was cremated in a huff, without the authorities being informed. But somebody telephoned the district magistrate and narrated the whole episode. All close relatives of the deceased, who attended the ceremony, were tested on June 19. Of them 15 tested positive, the officials said.

As a measure to contain the spread of the disease, a special camp was set up at the village where the marriage took place on June 24-26 during which samples of 364 people were collected. Of them, 86 tested positive, the officials added.

The sudden explosion of the dreaded coronavirus has triggered panic in the area. Although most who tested positive were asymptomatic, they have been admitted to isolation centres in Bihta and Phulwarisharif.

Block Development Officer Chiranjeev Pandey said Meetha Kuan, Khagari Mohalla and parts of Paliganj Bazaar have been sealed for thorough sanitisation.

Patna district happens to be the worst-affected in Bihar with 699 confirmed cases till date and five casualties, according to figures provided by the administration. The number of active cases is 372.

On Monday, when the state witnessed its biggest single day spike with 394 cases, Patna district accounted for more than 20 per cent of these. About eighty cases were reported from Paliganj alone.

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