Can oil prices rise in the country soon?

Can oil prices rise in the country soon? The fears were fueled by falling imports. The country’s edible oil imports fell 24 per cent to 1.2 million tonnes in January on an annual basis. These include palm, soybean and sunflower oils, Industry Bondi SEA said on Monday. 2023 In January, however, Banaspati oil imports were 16.61 lakh tonnes.

In the first quarter of this year, the country’s oil imports fell by 23 percent to 36.73 lakh tonnes. Which was 47.33 lakh tonnes in the same quarter of the previous year. Note that the oil calendar is different from the ordinary year or financial year. It is calculated from November to October. According to Saltekhan -Extractors Association of India (SEA), palm oil accounted for about 7,82,983 tonnes of the total vegetable oil imported in January this year.