The attack on Ukraine has jolted the oil market around the world as well as in India. Distributors in Punjab believe speculation triggered a price rise for materials such as pig iron and edible oil.Despite the opinion given by the industry experts that the Russia-Ukraine conflict will have least impact on the Indian economy, the rumours and speculation have already triggered a rise in edible oil, pig iron and shipping costs in the Indian markets.ndia imports 17 lakh tonnes and two lakh tonnes of sunflower oil from Ukraine and Russia respectively. It has not impacted the edible oil industry so far, but distributors are gaining higher profits. It was revealed that the edible oil prices are already up by Rs 15 per litre in the Punjab market.
Interestingly, while sunflower oil prices are stable, the prices of other edible oils have risen to higher levels.
