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Lockdown Affects India's Edible Oil Demand; Consumption To Drop First Time In Decades

30 Mar 2020 1:39 pm
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Mumbai (Commoditiescontrol) -Nationwide lockdown to combat the deadly Covid-19 will likely deteriorate demand for vegetable oil in India; poised to drop for the first time in decades.

Restaurants have pulled down their shutters to comply with a government order that imposed a 21-day nationwide lockdown to stem the spread of the coronavirus.

Growing population and higher spending capacities lead to mushrooming of restaurants and eateries across the nation that lead to consumption of edible oil, in India, triple in past two decades.

Most trade and industry officials now agree that India's vegetable oil demand, majorly, palm oil and soyoil will fall below last year's 23 million tonnes.

Dealers said that India's consumption would drop by at least 25% during the lockdown that began last Tuesday.

Sandeep Bajoria of Sunvin Group sees edible oil demand falling by about 4.75 lk tonnes during the 3 week lockdown.

(Commodities Control Bureau)

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