Subject category:
Economics, Politics and Business Environment
Originally published in:
2023
Length: 7 pages
Data source: Published sources
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Abstract
Sunflower oil prices registered a sharp rise in March 2022 in India due to the ongoing Ukraine-Russian war. The other edible prices also registered a continuous increase. The wide rise in prices of edible oils started much before the onset of the Ukraine-Russia war due to various external shocks. Although India was a major oilseed-producing country, the growth in oil production lagged behind the growth in oil consumption owing to the rapidly growing population and liberal use of oils in Indian cooking. Consequently, India became heavily dependent on imported oil to meet its domestic demand. Due to heavy dependence on imported oils, the sharp rise in prices not only put pressure on consumers but also stressed India's trade deficit. Amidst the rising oil prices, the Indian government needed to decide on policy measures to ease the pressure on consumers as well as the trade deficit.
Teaching and learning
This item is suitable for undergraduate and postgraduate courses.Time period
The events covered by this case took place in 2022.Geographical setting
Country:
India
About
Abstract
Sunflower oil prices registered a sharp rise in March 2022 in India due to the ongoing Ukraine-Russian war. The other edible prices also registered a continuous increase. The wide rise in prices of edible oils started much before the onset of the Ukraine-Russia war due to various external shocks. Although India was a major oilseed-producing country, the growth in oil production lagged behind the growth in oil consumption owing to the rapidly growing population and liberal use of oils in Indian cooking. Consequently, India became heavily dependent on imported oil to meet its domestic demand. Due to heavy dependence on imported oils, the sharp rise in prices not only put pressure on consumers but also stressed India's trade deficit. Amidst the rising oil prices, the Indian government needed to decide on policy measures to ease the pressure on consumers as well as the trade deficit.
Teaching and learning
This item is suitable for undergraduate and postgraduate courses.Settings
Time period
The events covered by this case took place in 2022.Geographical setting
Country:
India