Highlights

  • Indonesia banned export of palm oil due to shortage in the country
  • 50% of products the average urban Indian uses daily contain palm oil

Latest news

No provision of free travel for Prayagraj Maha Kumbh Mela: Railways

No provision of free travel for Prayagraj Maha Kumbh Mela: Railways

\'Mereko marwaoge\': Rohit Sharma's hilarious response to Pujara, Rahane 'retirement mistake' goes viral

\'Mereko marwaoge\': Rohit Sharma's hilarious response to Pujara, Rahane 'retirement mistake' goes viral

Trains movement hit in Punjab as farmers squat on tracks as part of Rail Roko protest

Trains movement hit in Punjab as farmers squat on tracks as part of Rail Roko protest

Karan Aujla delivers electrifying performance in Delhi-NCR

Karan Aujla delivers electrifying performance in Delhi-NCR

Russian oil spill contaminates 50km of Black Sea beaches

Russian oil spill contaminates 50km of Black Sea beaches

Two Monkeypox cases reported in Kerala

Two Monkeypox cases reported in Kerala

Congress twisted facts, distorted my statement on Ambedkar: Amit Shah

Congress twisted facts, distorted my statement on Ambedkar: Amit Shah

2 dead, 75 rescued after speed boat rams into ferry off Mumbai coast

2 dead, 75 rescued after speed boat rams into ferry off Mumbai coast

Explained: Why Indonesia ban and not Ukraine war is India's biggest problem

India imports about 8 million tonnes of palm oil annually

Explained: Why Indonesia ban and not Ukraine war is India's biggest problem

India is expecting a potential crisis as edible oil prices are set to skyrocket with Indonesia putting an export ban on palm oil. Along with high oil prices comes higher spending on daily food and other utility items. Editorji explains why Indonesia is now a bigger problem for your pockets than the Ukraine war:

How big is Indonesia in the palm oil market?

The nation is the top producer of the commodity with a large monopoly in the export market. Indonesia and Malaysia make up over 85% of the total global supply. The world annually consumes around 240 million tonnes of edible oils, of which almost 80 million tonnes is palm oil. Of this almost 50 million tonnes comes from Indonesia.

What is palm oil really used for?

50% of products the average urban Indian uses daily contain palm oil. Palm oil is used as the most common cooking medium (Vanaspati) and its derivatives are used in various forms from chips and instant noodles to toothpaste, lotions, lipsticks, and other personal care and cosmetics.

How is India impacted?

India is the world's largest palm oil importer and consumer, heavily dependent on Indonesia to meet about 60 percent of its annual edible oil imports which is close to 8 million tonnes. Palm oil accounts for nearly 40 percent of India’s overall edible oil consumption basket. In the last 12 months, palm oil prices have gone up by 50 percent; and nearly tripled over the last two years.

ADVERTISEMENT

Up Next

Explained: Why Indonesia ban and not Ukraine war is India's biggest problem

Explained: Why Indonesia ban and not Ukraine war is India's biggest problem

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

ADVERTISEMENT

editorji-whatsApp

More videos

 Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Airlines are price takers, they do not have influence on prices they pay: IATA Chief Economist

Airlines are price takers, they do not have influence on prices they pay: IATA Chief Economist

India’s import of Russian oil drops in November on shrinking discounts

India’s import of Russian oil drops in November on shrinking discounts

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

Russia Eases Travel Norms for India, Visa-Free Travel Expected by 2025

Russia Eases Travel Norms for India, Visa-Free Travel Expected by 2025

Bitcoin's Rally Continues: Surpasses $106,000 on News of Trump’s Bitcoin Reserve Fund

Bitcoin's Rally Continues: Surpasses $106,000 on News of Trump’s Bitcoin Reserve Fund

Get Ready for PAN 2.0: QR Codes, Paperless Processes & More!

Get Ready for PAN 2.0: QR Codes, Paperless Processes & More!

Passenger Vehicle dispatches rise 4% in Nov as demand sustains post-festive period: SIAM

Passenger Vehicle dispatches rise 4% in Nov as demand sustains post-festive period: SIAM

Switzerland suspends MFN status to India, dividend income to face higher tax

Switzerland suspends MFN status to India, dividend income to face higher tax

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.