Due to the US-Iran war, there has been tension in the Strait of Hormuz for a long time. As it is the transportation route for most of the countries of the world, the crude oil route was stopped due to this incident. As a result, the price of fuel increased rapidly. Which also affected India. This time, the palm oil crisis is increasing in the country. As a result, the prices of daily necessities may increase. One of the reasons for the impact of palm oil on the Indian market is that our country is one of the largest importers of this oil from abroad. India imports the most palm oil in the world. There is no such supply of palm oil compared to the increase in demand. According to calculations, India needs 9.6 million tons or 9.6 million tons of palm oil annually. Of which, we produce 400,000 tons of palm oil in the country. Which means that we have to depend more on foreign countries. That is why this crisis has arisen.
Statistics show that India meets 90 percent of its palm oil needs by importing from abroad. This number is almost 90 percent. More than half of these imports come from Indonesia. Currently, Indonesia has stopped exporting its palm oil abroad. Instead, this Southeast Asian country is producing biodiesel from palm oil to meet its own fuel needs. As a result of Indonesia’s decision, 1.5 to 2 million tons of palm oil will no longer reach the world every year. The world will have to suffer the consequences.
