Edible oil prices likely to drop 9% by mid-December
edible oil prices set to fall, after a gap of four months, from mid-December by up to 9% following a drop in international prices of soybean, sunflower and palm oil by $100 dollars per tonne in the last fortnight.
Abundant global production of soybean has pushed down prices of soybean oil. Sunflower oil prices are also cooling off while palm oil prices have fallen since Indonesia, the world's biggest palm oil producer, is yet to frame its biodiesel policy.
Indonesia produces biodiesel from a blend of palm oil and fossil fuel-based diesel. The country currently uses 35% palm oil in biodiesel, which the government was planning to raise to 40%, a move opposed by environmentalists. This has forced the Indonesian government to rethink the issue.
Increasing palm oil content in biodiesel will cause further deforestation to produce more palm oil, impacting the environment.
«In the last fortnight, prices of sunflower oil have tumbled from $1,300 per tonne to $1,200 per tonne, while soybean oil has fallen to $1,130 per tonne from $1,230 per tonne,» said Sandeep Bajoria, CEO of Sunvin Group, an oil trading company. «Similarly, palm oil prices, that are in transit, have fallen to $1,220 tonne from $1,320 per tonne.»
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