India Buys Russian Sunoil At Record High Price As Ukraine Supplies Halt

India has contracted 45,000 tonnes of Russian sunflower oil at a record high price for shipments in April as edible oil prices in the local market surged after supplies from rival Ukraine stopped, five industry officials told Reuters.

Sunflower oil from Russia could help the world’s biggest edible oil importer in easing the shortfall at a time when availability of vegetable oils is stretched because of Indonesia’s decision to restrict palm oil supplies and lower soybean crop in South America.

Refiners bought crude sunflower oil at a record price of $2,150 a tonne, including cost, insurance and freight (CIF), in India for April shipments, compared with $1,630 before Russia invaded Ukraine, dealers said.

ESM