There is a possibility in India that soybean oil will force out much expensive sunflower oil from the domestic use.
After reduced volume of sunflower crop in Ukraine and along the territory of the Black Sea, the industry researchers noted the growing price for the crude oil in the international market.
India is a largest edible oil consumer and importer and all the changes in the international market will affect the local prices. During this oil year the sunflower oil value is 7-8% up in the retail stores.
Sunflower oil import costs grew in the beginning of November 2014 and now amount to $875 per ton. Last year value for the same volume was about $840 per ton. The retail price for the crude oil increased in 2-4% as oil needs refining and packing first that adds certain amount to the final price. Branded soybean oil is about $1,13-$1,17 per liter while sunflower oil is $1,22-$1,24. Indian experts announced the country imported 150 thousand tons of crude oil in 2014. This year that amount is down for20 per cent due to the rising prices.
Still soybean oil value remained without changes as the world market has enough supply. If the prices for sunflower oil keep that high, large amount of people from Maharashtra and Karnataka will convert to soybean oil.
