According to FMCG companies such as Adani Wilmar, Gemini Edibles & Fats India, and Tirupati Agritrade, the prices of sunflower oil have fallen more than 10% below soybean oil prices in India. This is due to Ukraine pushing a large quantity of sunflower oil into the Indian market, leading to increased supply and lower prices. India imports approximately 2–2.5 million tons of sunflower oil annually to meet domestic demand.
The companies also mentioned that Ukraine is offloading a significant amount of wheat on the global market. As a result, wheat prices in India have increased by 10–11% over the past two months. However, if Ukraine continues to release wheat into the world market, global prices are expected to decrease, which will have an impact on domestic wheat prices as well.
Additionally, rice prices have risen by 15% in the past fortnight. The rabi rice crop in Bihar, Uttar Pradesh, Madhya Pradesh, and Odisha has not been satisfactory, leading to lower production. This has put upward pressure on rice prices, including the common variety of non-basmati thick rice, which has seen a 20% price increase.
Overall, the prices of various oils, including sunflower oil, soybean oil, wheat, and rice, have been influenced by factors such as increased supply, lower production, and market dynamics driven by Ukraine’s exports and global market conditions.