Ukraine crisis may hit sunflower oil imports: Ruchi Soya

The Ukrainian crisis, if prolonged, may hit sunflower oil imports to India, said a senior executive of Ruchi Soya Industries Limited, one of largest manufacturers and importers of edible oils in India.
"Sowing season has started in Russia and Ukraine. As of now there will not be any problem. If the crisis is prolonged for more than 6 months then it may cause uncertainty in terms of imports from there," Ruchi Soya's chief operating officer Satendra Aggarwal told reporters here.
According to him, India imports around 1.5 million tonnes of sunflower oil from Ukraine and Russia.
Ukraine is the world's biggest sunflower oil producer and India imports almost all of its sunflower oil from there. Sunflower oil is India's second biggest imported edible oil after palm oil.

Replying to query, he said the rupee depreciation against world currencies has negatively impacted the oil import trade forcing small timers closing their shop.
He, however, predicted that the Indian currency now appears to be stable and may not be volatile in the near future under the current conditions.

"As the edible oil market is price sensitive, currency fluctuation will always have an impact on the market," he explained.
He said studies indicate that India's per capita consumption of edible oil stands at 14 kg per annum. The total consumption of oil in India is 18 million tons and is expected to go up to 20 to 22 million tons in the next three years.

Of the total edible oil sales, 50 per cent comes from packed segment which the remaining in bulk condition.
According to him, Ruchi Soya enjoys 18 per cent share of the Indian edible oil market.
The company today launched 'Sunrich' sunflower oil in a new shape in the market.