For the first time ever, sunflower oil, considered to be more premium than the soyabean oil has become cheaper than the later. From being 15% more than the soyabean oil during December 2015, the price of sunflower oil today less by 6% than soyabean oil.
"This is uncommon. Sunflower oil has always been more expensive than the soyabean oil," said Davish Jain, president, Soyabean Processors Association of India (SOPA).
Sunflower oil accounts for about 9% to 10% of the total edible oil consumption of India. More than 90% of the sunflower oil requirement is met through imports, mainly from Eastern Europe.
This year, the world is going to harvest a record sunflower seed production. As sunflower oil supplies from Ukrain are expected to shoot up in the months to come, India is likely to emerge as a major importer.
"We have never seen sunflower oil prices being cheaper than the soyabean oil prices," said BV Mehta, executive director, Solvent Extractors Association of India adding, "The sunflower oil prices are likely to come down further."
The impact on the consumer end retail prices can only be seen in few more weeks. Given the natural preference of housewives for sunflower oil, considered by them to be purer due to its rich golden colour, the overall availability and consumption of sunflower oil is set to reach record levels.
"This is uncommon. Sunflower oil has always been more expensive than the soyabean oil," said Davish Jain, president, Soyabean Processors Association of India (SOPA).
Sunflower oil accounts for about 9% to 10% of the total edible oil consumption of India. More than 90% of the sunflower oil requirement is met through imports, mainly from Eastern Europe.
This year, the world is going to harvest a record sunflower seed production. As sunflower oil supplies from Ukrain are expected to shoot up in the months to come, India is likely to emerge as a major importer.
"We have never seen sunflower oil prices being cheaper than the soyabean oil prices," said BV Mehta, executive director, Solvent Extractors Association of India adding, "The sunflower oil prices are likely to come down further."
The impact on the consumer end retail prices can only be seen in few more weeks. Given the natural preference of housewives for sunflower oil, considered by them to be purer due to its rich golden colour, the overall availability and consumption of sunflower oil is set to reach record levels.