<p>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.</p>.<p>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.</p>.<p>"As vessel loading is not possible in Ukraine, buyers are trying to secure supplies from Russia," said Pradeep Chowdhry, managing director of Gemini Edibles & Fats India Pvt. Ltd, which contracted 12,000 tonnes of Russian sunflower oil for April shipments.</p>.<p>Refiners bought crude sunflower oil at a record price of Rs 1.6 lakh a tonne, including cost, insurance and freight (CIF), in India for April shipments, compared with Rs 1.2 lakh before Russia invaded Ukraine, dealers said.</p>.<p>Sunflower oil was cheaper than rival palm oil and soyoil before the conflict, but as supplies from top exporter Ukraine stopped, buyers have to pay hefty premium, Chowdhry said.</p>.<p>The Black Sea accounts for 60 per cent of world sunoil output and 76 per cent of exports.</p>.<p>Indian buyers were not making purchases of Russian sunflower oil for nearly a month, but now they are placing orders as banks are opening letters of credit (LC) for the imports, said a New Delhi-based dealer with a global trading firm.</p>.<p>"Indian buyers are paying in dollars. Indian insurance companies are providing cover to vessels bringing sunoil from Russia," the dealer said.</p>.<p>Shipments of more than 300,000 tonnes of sunflower oil from Ukraine to India are stuck as loading at Ukrainian ports is suspended, said a Mumbai-based dealer.</p>.<p>India imports sunoil mainly from Russia and Ukraine. It imports palm oil from Indonesia and Malaysia, whereas the bulk of soyoil is sourced from Argentina and Brazil.</p>.<p>India has now been trying to increase imports of sunflower oil from Argentina, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.</p>.<p>"Even after the imports from Russia and Argentina, there would be shortfall of sunoil. Nobody can replace Ukraine's shipments," Bajoria said.</p>.<p>India consumes around 200,000 tonnes of sunflower oil but currently refiners can import around 80,000 tonnes only, the New Delhi-based dealer said.</p>.<p>Consumers are forced to switch to soyoil, rapeseed oil and groundnut oil as sunflower oil supplies are limited, the dealer said.</p>.<p>"Sunflower oil is very expensive. This is forcing price sensitive buyers to shift to other oils," Bajoria said.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>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.</p>.<p>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.</p>.<p>"As vessel loading is not possible in Ukraine, buyers are trying to secure supplies from Russia," said Pradeep Chowdhry, managing director of Gemini Edibles & Fats India Pvt. Ltd, which contracted 12,000 tonnes of Russian sunflower oil for April shipments.</p>.<p>Refiners bought crude sunflower oil at a record price of Rs 1.6 lakh a tonne, including cost, insurance and freight (CIF), in India for April shipments, compared with Rs 1.2 lakh before Russia invaded Ukraine, dealers said.</p>.<p>Sunflower oil was cheaper than rival palm oil and soyoil before the conflict, but as supplies from top exporter Ukraine stopped, buyers have to pay hefty premium, Chowdhry said.</p>.<p>The Black Sea accounts for 60 per cent of world sunoil output and 76 per cent of exports.</p>.<p>Indian buyers were not making purchases of Russian sunflower oil for nearly a month, but now they are placing orders as banks are opening letters of credit (LC) for the imports, said a New Delhi-based dealer with a global trading firm.</p>.<p>"Indian buyers are paying in dollars. Indian insurance companies are providing cover to vessels bringing sunoil from Russia," the dealer said.</p>.<p>Shipments of more than 300,000 tonnes of sunflower oil from Ukraine to India are stuck as loading at Ukrainian ports is suspended, said a Mumbai-based dealer.</p>.<p>India imports sunoil mainly from Russia and Ukraine. It imports palm oil from Indonesia and Malaysia, whereas the bulk of soyoil is sourced from Argentina and Brazil.</p>.<p>India has now been trying to increase imports of sunflower oil from Argentina, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.</p>.<p>"Even after the imports from Russia and Argentina, there would be shortfall of sunoil. Nobody can replace Ukraine's shipments," Bajoria said.</p>.<p>India consumes around 200,000 tonnes of sunflower oil but currently refiners can import around 80,000 tonnes only, the New Delhi-based dealer said.</p>.<p>Consumers are forced to switch to soyoil, rapeseed oil and groundnut oil as sunflower oil supplies are limited, the dealer said.</p>.<p>"Sunflower oil is very expensive. This is forcing price sensitive buyers to shift to other oils," Bajoria said.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>