With edible oil prices continuing on the higher side amid Indonesia banning the palm oil exports, Union Food Secretary Sudhanshu Pandey on Wednesday said that the scenario can’t change overnight as “it’s a reality that supplies from some areas are affected”.
Pandey, however, said that there will be no impact (of Indonesia’s decision) as India has a stock for 40-45 days.
Addressing a press conference, Pandey said, “Indonesia has an edible oil production of 407-lakh metric tonnes and its domestic requirement is about 200-lakh metric tonnes. So they have no option but to export what is beyond its storage capacity.”
He said the government has taken the edible oil scenario “very seriously”. “The Agriculture Department is working very fast on the National Oilseed Mission,” he said.
India is dependent on imports to meet 60 per cent of its edible oil requirement. India imports mainly palm oil and soya oil, and the former constitutes roughly around 62% of the total imports, mainly from Indonesia and Malaysia. While soyabean oil is imported from Argentina and Brazil, Sunflower oil is imported mainly from Ukraine and Russia.
Earlier, the Food Ministry in February had said that India’s edible oil position is “comfortable”, citing the commodity in stock, in transit and the expected domestic production of different oilseeds.