Last Updated :
16 March 2010 at 17:40 IST
India’s edible oil supply likely to dip by 4%: COOIT
NEW DELHI (Commodity Online): India’s edible oil supply is expected to fall by 4% to 7.88 million metric tonnes in the year through October due to decline in soyoil, groundnut oil and sunflower oil production, said the Central Organization for Oil Industry and Trade (COOIT).
According COOIT’s latest report, the country is likely to raise the imports of edible oil in order to ensure the availability of edible oil in the domestic market, thus to curb prices rise.
The supply of groundnut projected to dip to 610,000 tonnes from 820,000 tonnes last year, and sunflower oil to sink 15% to 340,000 tonnes, while rapeseed oil supply expected to edge up to 2.05 million tonnes from 2.03 million tonnes on projections of a higher crop yield, COOIT said in the report.
Rapeseed output is seen rising to 6.32 million tonnes from 6.20 million tonnes a year earlier, it added.
India—the world’s second-largest edible oil consumer after China—meets more than half of its annual requirement through imports, mainly from Malaysia, Indonesia, Brazil and Argentina.
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