India's Edible oil Price Surges On Delay In Sowing, Rising Demand

MUMBAI (Commodity Online): With the delay in sowing of oil seeds amid rising domestic demand on the back of upcoming festival season, India's edible oil prices surged during the past one week.

The late arrival of monsoon over the major oilseed growing areas has delayed the sowing of oilseeds. India imports more than 50% of the edible oil to meet the domestic requirement and with the falling rupee against the US dollar has made the imports costly for India.

This has also raised the price of the commodity in the domestic market. In addition, the price is likely to rise further on the back of upcoming festival season kick starting in June with Ramadan. Globally, the price of the commodity is high on prevailing dry spells in US, threatening the prospects of the crops and crop damages caused early this year in Argentina and Brazil. [ News Source ]

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