In India, where imports account for more than two-thirds of the cooking oil demand, a more than 20% increase in edible oil prices in less than a month and phoney viral warnings about shortages on social media have sparked panic buying. Fearing an edible oil crisis as a result of Russia’s invasion of Ukraine, Indians are storing up on vegetable oil and petrol, while a surge in global crude oil prices may prompt New Delhi to boost fuel prices aggressively as critical state elections approach. “I saw on WhatsApp that there could be cooking oil shortages as a result of the battle. As a result, I made a hasty purchase “Rehana Khan, a Mumbai housewife, purchased 10 litres of edible oil, more than double her regular monthly purchase of 5 litres.
In India, where imports account for more than two-thirds of the cooking oil demand, a more than 20% increase in edible oil prices in less than a month and phoney viral warnings about shortages on social media have sparked panic buying. India imports more than 90% of its sunflower oil from Russia and Ukraine, despite the fact that sunflower oil only accounts for roughly 14% of the country’s total edible oil imports.
Other edible oils, such as palm, soy, rapeseed oil, and ground nut oil, are plenty, so there’s no need to panic, according to B.V. Mehta, executive director of the Solvent Extractors’ Association of India, based in Mumbai.
